One of the most important future planning is to think about post-retirement life. No matter what kind of industry you work or what your job profile is, security in terms of money is a very essential aspect of everyone’s life. Without financial stability, aged life may become miserable.
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So what could be the possible solution?

Doing the right kind of retirement planning must be done from an early age. Especially if an individual is an employee of the unorganised sector. To facilitate better future and financial security there are various government pension schemes that one may avail. There are three main pension schemes launched by the Indian Government in the interest of the citizens for the post-retirement life.

These schemes guarantee a regular flow of income every month. And this can be done by a minimum investment during the time of active working life. In order to give you the details of the government pension schemes, let’s discuss in detail.



Atal Pension Yojana

The APY or the Atal Pension Yojana is the most suitable form of a pension scheme for the people working in the unorganised sector. It is because the unorganised sector does not have a pension system for the employees and that they can enjoy income flow in the future post-retirement. One may get guaranteed pension under this scheme that ranges from Rs. 1000 to Rs. 5000. This range of pension varies due to the amount of contribution one will make pre-retirement.

Right after the completion of 60 years, one subscriber will enjoy the benefits of this scheme. To apply for this scheme let's read the Atal Pension Yojana details.

Eligibility criteria- one has to be a citizen of India and age should be between 18 and 40. Apart from this, applicants need to submit KYC documents.



Some of the benefits that APY subscribers enjoy are-

  • Tax benefits under Section 80 CCD.
  • Pension to Spouse in case of death.
  • The corpus will be given to the nominee upon the death of the subscriber and the spouse.


Pradhan Mantri Shram Yogi Maandhan Pension

This is another beneficial scheme for any workers in the unorganised sector. If one is below 40 years of age and is not entitled to any other government pension schemes, he or she is eligible for this scheme. Whether you are waste pickers, maidservants or drivers, you can get the benefits of this scheme. In case you apply for this scheme at the age of 18, you will just have to pay Rs. 55 every month.


National Pension Scheme

This is the most common and widely known pension scheme of the government. It is a voluntary pension scheme for salaried individuals. The pension starts right after retirement and one can expect 8 to 12 percent return on the contributions made. The NPS is managed and regulated by the PERDA.

If you need to get your future stable and good monetarily, then a pension scheme is the first step towards it. Know more about pension schemes and apply accordingly.

A small step from now will make you feel proud later.