Pensions for senior citizens are important. As we know after a certain age elderly people can't work hard for themselves or their family. This retirement makes them sadder. The government provides pensions for elderly people after their retirement. Retirement is the saddest part. People above 56 age get a pension from the government when retired. Private companies don't give pensions to elderly people who are retired. To take care of themselves and their expenses the government provides pensions.
There are 6 pension schemes offered for elderly people by the Government of India lets have a look at a few schemes :
NATIONAL PENSION SCHEME ( NPS )
NPS is a government-sponsored pension scheme. The national pension scheme was started in January 2004 for government employees. Any Indian citizen from 18 to 60 years can join the national pension scheme. The only circumstance is that the person must obey your customer (KYC) norms. The national pension scheme is available for all the employees including the public sector and private sector.
What are the investment choices available in the national pension scheme?
The national pension scheme or NPS offers two choices for you :
ACTIVE CHOICE: This option allows the investor to decide how the money should be invested in different assets.
AUTO CHOICE or LIFECYCLE FUND: This is the default option which invests money automatically in line with the age of the subscriber. Equity - the value shares issued by the company norms meaning something usual, typical and standard.
The benefit of the national pension scheme
It is more beneficial than other conventional tax savings investments. The best advantage of a pension scheme is that you get tax benefits, higher interest rates
ATAL PENSION YOJANA
Atal pension yojana was started by prime minister Narendra Modi in the year 2015. It was introduced as a replacement for swavalambam yojana. The pension scheme promises fixed monthly pensions of rupees 1000,2000,3000 or 5000. The Central Government promises to contribute 50% of the total contribution by the worker with a condition that the user of the scheme should have joined atal pension yojana before 31/12/2015 the contribution by the central government is restricted to five financial years. The minimum age of the beneficiary should be 18 years and maximum of 40 years. The eligibility criteria for the Atal pension yojana are that one has to be an Indian citizen, have a valid bank account, and have an age between 18 to 40 years. The pension starts at the age of 60 years. In case of death of the user his/, her spouse is entitled to the pension in case of their death authorised nominee will be entitled to receive the pension money the spouse has a choice to either exit or claim the scheme in case of death of the subscriber before 60 years.
INDIRA GANDHI national old-age pension scheme
The national social assistance scheme was renamed as Indira Gandhi national old-age pension scheme. It was introduced in 1995 as a financial AID for people above 60 years of age. The subscribers aged between 60 to 79years are entitled to receive a monthly pension of rupees 300 in which 200rupess are contributed by the central government and rupees 100 are contributed by the state government. The subscribers above 80 years of age are entitled to receive a pension of rupees 500 every month.
ANNAPURNA SCHEME
The Annapurna scheme is a part of Indira Gandhi introduced in the year 2000 the scheme offers 10kgs of free rice every month. The scheme is monitored by the ministry of rural development and is funded by the central government. The applicant should be 65 years or above in age the beneficiary should not have enrolled or been the recipient of pension under any other beneficiary scheme.
The pension system is a handy scheme which comes to the aid of elderly people who belong to lower class or are under the poverty line there are many schemes launched by the state and central government for such people. These schemes help unprivileged elderly people to survive in society as there is no one to take care of them. These schemes are a measure for the welfare of the citizens of the nation by the government and are a right of every unprivileged citizen by the government.
Author: Team 60plus India
Keywords: pension, retirement, pension scheme. pension scheme for seniors, national pension scheme
Tags: #pensionschemesforseniors #elderlypeople #atalpensionyojana #nationalpensionyojana #oldagepension #welfarepension #pesnionsforseniorcitizen
