The Finance Ministry has informed that at present increasing the pension payment under Atal Pension Yojana (APY) is not being considered.
The Finance Ministry has informed that at present increasing the pension payment under Atal Pension Yojana (APY) is not being considered. It has been said that for higher pension under Atal Pension Yojana (APY), subscribers may need to increase their contribution significantly. The ministry said that the Atal Pension Scheme will continue as per the guidelines, in which the pension amount will be fixed at Rs 5000 per month. Earlier, the Pension Fund Regulatory and Development Authority (PFRDA) had advocated increase in pension.
PFRDA Chairman Deepak Mohanty had said that the regulator has asked the government to increase the maximum monthly pension amount under the government-guaranteed Atal Pension Yojana (APY) from Rs 5000 at present. However, he acknowledged that there are financial constraints involved. The total enrollment under the Atal Pension Yojana (APY) scheme has crossed the 6 crore mark, with more than 79 lakh enrollments in the current financial year.
What is Atal Pension Yojana?
Atal Pension Yojana is a guaranteed pension scheme for Indians mainly focused on those working in the unorganized sector. Any Indian citizen aged 18-40 years who has a bank account can apply for APY. Under this, an investor gets a minimum guaranteed pension of ₹1,000 to ₹5,000 per month from the age of 60, depending on his contribution.
After the death of the subscriber, equal pension will be paid to his/her spouse and on the death of both the subscriber and the spouse, the pension amount accumulated till the age of 60 years of the subscriber will be returned to the nominee.
To subscribe to APY, customers can either visit the bank branch/post office or enroll through online mode. APY form can be filled online by providing bank account number, phone number registered with Aadhaar and Aadhaar number.
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