Pension Schemes: Working people save a lump sum amount to meet their post-retirement needs, but many times they are unable to arrange for pension. In such a situation, one has to depend on others to meet the daily needs in old age. Today on 21st August, on the occasion of World Senior Citizen’s Day, we tell you about 5 such schemes which can become a support in old age. Through these schemes, you can arrange for pension every month in old age. However, for this you will have to plan during your job itself. Know about these schemes here-
NPS
Whether you are in a government job or a private job, you can choose the option of National Pension System to get monthly pension. This scheme can also arrange for pension along with retirement fund. NPS is a market linked scheme, so its return is based on the market. But in the long term, this scheme can give very good returns. Its average return is considered to be 10 percent. Any citizen of India whose age is between 18 to 70 years can take advantage of this scheme. To get pension, you have to invest in this scheme till the age of 60 years. On retirement, 60% of the amount is given to you as retirement fund and 40 percent is used as annuity. This is how you are given pension. The higher the annuity amount, the higher the pension you will get.
SWP
To get a good pension in old age, you can also choose Systematic Withdrawal Plan. This is an investment under which the investor gets a fixed amount monthly from the mutual fund scheme. Through this, a good pension can be arranged in old age. But first you have to accumulate a huge fund through SIP or any other scheme along with your job. When you retire, you have to choose the option of SWP. You get the amount of SWP by selling mutual fund units. If the fund is exhausted, SWP will stop. You have to decide when you need money monthly, quarterly or annually. If you have not been able to do SIP, then you can also use the fund received on retirement for this.
APY
You can also arrange for regular income in old age through Atal Pension Yojana. This scheme is for those people who are not taxpayers. To invest in it, your age should be between 18 to 40 years. In this scheme, a person has to give a small contribution every month till the age of 60. After the age of 60, people are given the benefit of monthly pension ranging from Rs 1000 to Rs 5000. The amount of your contribution is decided according to the amount of pension you want to get in old age.
EPS
People working in the private sector contribute to EPFO every month. Both the employee and the employer contribute to EPFO. A part of this goes to your retirement fund and goes to EPS (Employee Pension Scheme). Pension is given every month in old age through EPS. If you have contributed to EPS continuously for at least 10 years, then you become eligible to get pension from EPFO. This pension is available at the age of retirement and depends on the amount of your contribution.
POMIS
You can also earn income every month through Post Office Monthly Income Scheme. This government-guaranteed deposit scheme provides the facility of single and joint account. A maximum of Rs 9 lakh can be deposited in a single account and a maximum of Rs 15 lakh in a joint account. This money is deposited for a maximum period of 5 years. You earn from interest and your deposited amount remains completely safe. As per the current interest rate of 7.4%, you can earn up to Rs 9,250 from this scheme through a joint account. If you want to take advantage of the scheme even after 5 years, you can open a new account.
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