Central Govt to Launch ₹5,000 Monthly Pension Scheme Before Holi
The Central Government of India is launching a new pension scheme under Atal Pension Yojana providing an assured ₹5,000 monthly pension for individuals aged 60 and above before Holi, with options to invest in low, medium, or high-risk plans.
Highlights
- •Central Government to launch a pension scheme offering ₹5,000 monthly pension for individuals aged 60 and above before Holi.
- •The pension will be provided through the popular Atal Pension Yojana scheme, which allows for a range of investment options.
- •Eligibility for the pension is limited to individuals in the unorganized sector or informal market who have been financially dependent for a specified period.
- •Individuals have the option to choose their pension amount, ranging from ₹1,000 to ₹5,000 per month, based on their financial comfort and risk tolerance.
The Central Government of India has announced a new pension scheme under the Atal Pension Yojana, aiming to provide a financial support of ₹5,000 per month to individuals aged 60 and above before the festival of Holi.
Pension under Atal Pension Yojana, a popular government pension scheme, will be up to ₹5,000 per month for individuals, based on investment made through the scheme. This financial support is part of the government's efforts to reduce inequality and provide relief in old age.
The scheme is available for Indians who are working in the unorganized sector or informal market, and they must have been financially dependent on others for 18 to 40 years. After the mandatory age of 60, individuals can receive a fixed pension amount.
The pension under Atal Pension Yojana can be chosen from a variety of investment options, including low, medium, and high-risk investments, ensuring financial stability and security during retirement. The scheme is tax-savvy, and the additional income-tax deduction under 80 CCD (1B) can also be availed by the beneficiaries.
