Ensuring financial security in retirement is one of the most significant concerns for workers in India, especially those in the unorganised sector. With over 90% of the workforce engaged in informal employment, providing social security benefits like pensions has become a priority for the Indian government.
To tackle this issue, the government has introduced a series of pension schemes, including the Atal Pension Yojana (APY), Indira Gandhi National Old Age Pension Scheme (IGNOAPS), Pradhan Mantri Shram Yogi Maandhan (PM-SYM), and others aimed at providing a safety net for citizens after retirement.
This article explores these pension schemes, their eligibility criteria, benefits, and how you can apply to claim your pension and secure your future.
Table of Contents
Atal Pension Yojana and Other Govt Benefits
| Scheme Name | Target Audience | Benefits | Key Features |
|---|---|---|---|
| Atal Pension Yojana (APY) | Unorganised sector workers | Monthly pension ranging from ₹1,000 to ₹5,000 | Guaranteed pension after 60, based on contribution |
| Indira Gandhi National Old Age Pension Scheme (IGNOAPS) | Elderly (60+) in BPL families | ₹200 – ₹500 monthly for those aged 60 and above | Social pension for BPL families, with no contribution required |
| Pradhan Mantri Shram Yogi Maandhan (PM-SYM) | Unorganised sector workers, including street vendors | ₹3,000/month after 60 years of age | Monthly contribution, government matching |
| Employee Pension Scheme (EPS) | Employees under EPF scheme | Monthly pension after 58 years of age | Contributory pension through the Employees’ Provident Fund Organization (EPFO) |
| National Pension System (NPS) | All Indian citizens, primarily salaried employees | Tax benefits, regular pension after retirement | Contributory pension system for individuals |
In India, pension schemes like Atal Pension Yojana (APY), IGNOAPS, PM-SYM, and EPS provide much-needed financial security for individuals after they retire. These government schemes ensure that people, especially those in the unorganised sector, can enjoy their post-retirement years without financial stress. By understanding the eligibility criteria and benefits of each scheme, citizens can make informed decisions to safeguard their future.
For more details on these pension schemes, visit the official websites listed above and start your journey toward a secure retirement today.
Atal Pension Yojana (APY): A Secure Future for Unorganised Sector Workers
What is Atal Pension Yojana?
The Atal Pension Yojana (APY) is a government-backed pension scheme launched in 2015. It is specifically designed for individuals working in the unorganised sector. The scheme aims to provide financial security after retirement by offering a guaranteed monthly pension ranging from ₹1,000 to ₹5,000, depending on the individual’s contribution and the age at which they join the scheme.
Eligibility Criteria
- Age: Between 18 and 40 years of age.
- Income Tax: The applicant should not be an income taxpayer.
- Bank Account: Must have a savings bank account linked with Aadhaar.
- Aadhaar: It is mandatory for the bank account to be Aadhaar-linked.
How Does It Work?
The scheme provides a monthly pension to subscribers after the age of 60, depending on their contribution. The contribution amount varies according to the chosen pension amount and the subscriber’s entry age. The government also contributes to the pension fund for those who join before 40.
Benefits
- Pension Amount: Choose from ₹1,000 to ₹5,000/month after the age of 60.
- Spouse Benefits: If the subscriber passes away, the spouse will receive the same pension until their death.
- Nominee Benefits: After the demise of both the subscriber and their spouse, the accumulated pension wealth is transferred to the nominee.
Atal Pension Yojana and Other Govt Benefits Apply for APY?
- Visit Your Bank: Visit any bank or post office offering the scheme.
- Fill Out the Application: Provide necessary documents such as Aadhaar and bank account details.
- Make Monthly Contributions: Contribute regularly based on the selected pension amount.
For more information, visit the official PFRDA website.
Indira Gandhi National Old Age Pension Scheme (IGNOAPS)
What is IGNOAPS?
The Indira Gandhi National Old Age Pension Scheme (IGNOAPS) provides a social pension for elderly individuals from Below Poverty Line (BPL) families. The scheme is part of the National Social Assistance Programme (NSAP) and aims to provide a basic standard of living for senior citizens.
Eligibility Criteria
- Age: Must be 60 years and above.
- Income: Must belong to a Below Poverty Line (BPL) family.
- Residency: Must be a resident of India.
Benefits
- Pension Amount: ₹200/month for individuals aged 60-79 years and ₹500/month for individuals aged 80 and above.
Atal Pension Yojana and Other Govt Benefits Apply for IGNOAPS?
- BPL Certificate: Submit your BPL certificate, along with age proof, to the local government office.
- Application Form: Fill out the required form and submit it to the concerned authorities.
Pradhan Mantri Shram Yogi Maandhan (PM-SYM)
What is PM-SYM?
The Pradhan Mantri Shram Yogi Maandhan (PM-SYM) is a pension scheme for unorganised sector workers such as street vendors, construction workers, and domestic helpers. The scheme offers a monthly pension of ₹3,000 after the individual reaches the age of 60.
Eligibility Criteria
- Age: Between 18 and 40 years.
- Income: Monthly income of ₹15,000 or less.
- Sector: Engaged in unorganised sector work.
Benefits
- ₹3,000/month pension after reaching 60.
- The scheme requires monthly contributions from both the worker and the government.
Employee Pension Scheme (EPS)
What is EPS?
The Employee Pension Scheme (EPS) is a pension plan under the Employees’ Provident Fund (EPF) for individuals employed in the formal sector. Under EPS, employees contribute a part of their salary to the pension fund, and the employer matches the contribution. The scheme provides regular pensions after retirement.
Eligibility Criteria
- Employment: Must be a member of the EPF scheme.
- Contribution: Both employer and employee contribute towards the pension fund.
Benefits
- Monthly Pension: The pension is paid based on the number of years of service and the average salary during the last 60 months of employment.
National Pension System (NPS)
What is NPS?
The National Pension System (NPS) is a voluntary pension scheme for all Indian citizens, including employees from both the public and private sectors. The scheme allows individuals to contribute towards their pension fund during their working life, with the accumulated corpus providing regular payouts after retirement.
Eligibility Criteria
- Age: Between 18 and 65 years.
- Contribution: Regular contributions through Tier I (mandatory) and Tier II (voluntary) accounts.
Benefits
- Tax Benefits: Contributions to NPS qualify for tax deductions under Section 80C and 80CCD of the Income Tax Act.
- Retirement Corpus: Subscribers can enjoy regular pensions after retirement based on their accumulated corpus.
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Success Stories: How These Schemes Helped Real People
Ramesh Kumar – Construction Worker
Ramesh Kumar, a construction worker from Rajasthan, was able to secure his retirement through PM-SYM. By contributing ₹100 per month, he now receives ₹3,000 every month, ensuring a steady income after his retirement.
Shanti Devi – Elderly Woman Beneficiary of IGNOAPS
Shanti Devi, a 70-year-old widow from Uttar Pradesh, was struggling to make ends meet. Through IGNOAPS, she now receives ₹500 every month, which has helped her cover essential expenses like food and healthcare.
Apply for These Pension Schemes
Steps to Apply
- Identify the Right Scheme: Based on your eligibility and retirement goals, choose the pension scheme that suits you best.
- Prepare Documents: Gather your Aadhaar, PAN card, bank details, and other documents.
- Visit the Concerned Portal or Office: Apply online or visit the nearest bank or government office for physical registration.
- Start Contributing: Once registered, begin making monthly contributions to your selected scheme.
