End the Tension of Old Age! These 5 Government Pension Schemes Will Provide a Stable Monthly Income – Times Bull
Government Pension Schemes: Many people find it difficult to prepare for retirement, but knowing the right government pension schemes makes the task much easier. These government-run schemes are specifically designed to provide financial security in old age. From the National Pension System to the Atal Pension Yojana, each scheme is designed keeping in mind different needs. They aim to ensure that you do not have to depend on anyone after retirement and have a regular income.
NPS is an excellent retirement scheme
The National Pension System (NPS) is a long-term retirement scheme operated by the Pension Fund
nd Regulatory and Development Authority. Both employed and self-employed individuals can invest in it. You can deposit monthly, annually, or in lump sums as per your convenience. The biggest feature of this scheme is tax savings, where additional exemptions are available under various income tax sections. After retirement, a portion of the accumulated amount is converted into a pension, which helps meet future expenses.
Learn why EPS is special
The Employee Pension Scheme (EPS) is a strong support for those working in the organized sector. This scheme is run by the EPFO and a portion of the employer’s contribution is reserved for pension. If an employee has completed at least ten years of service, they are entitled to a monthly pension after retirement. The pension amount depends on the employee’s service period and salary, providing a stable source of income in old age.
This is the amount of pension available under the APY scheme.
The Atal Pension Yojana (APY) is a major relief for those working in the unorganized sector. Under this scheme, a fixed monthly pension of Rs 1,000 to Rs 5,000 is provided after the age of 60. The pension amount depends on the age at which you started investing and the amount you contributed. This scheme is especially suitable for those who do not have a regular retirement plan.
A great scheme for laborers
The Pradhan Mantri Shram Yogi Maan-Dhan Yojana is designed for low-income workers. Those with a monthly income of ₹15,000 or less can join. Contributions are made in small installments until retirement, and after 60 years, a guaranteed pension of at least ₹3,000 is provided. This scheme provides financial support to daily wage laborers and small workers in their old age.
How much does PPF return?
The Public Provident Fund (PPF) may not be a direct pension scheme, but it is a secure way to accumulate wealth for retirement. It is government guaranteed, and the amount received after 15 years is tax-free. Regular investments can build a substantial corpus that can be used after retirement. Investing in the right scheme at the right time can ensure a worry-free life in old age.
Comments are closed.