Atal Pension Yojana: Modi govt to increase pension amount from 5000 to 10,000 every month?
By Lokmat English Desk | Published: March 19, 2023 09:49 AM2023-03-19T09:49:29+5:302023-03-19T09:49:29+5:30
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The Atal Pension Yojana is a government pension programme that was introduced in 2015. After retirement, it provides financial stability to those who still work in an unorganised sector. This programme encourages qualified participants to make regular contributions so they can get the collected corpus when they turn 60.
A person can opt to receive a pension of Rs. 1,000, Rs. 2,000, Rs. 4,000, or Rs. 5,000 upon reaching the age of 60, depending on their contributions to the plan and the age at which they first became a member.
When a contributor passes away, their spouse may also claim the pension, as may the nominee if both the contributor and spouse pass away. The Pension Funds Regulatory Authority of India oversees the scheme's collected funds (PFRDA).
In view of increasing the subscriber base of the APY scheme, a proposal was sent to the government by the PFRDA to increase the pension. Currently, subscribers investing in this scheme get 5 pension slabs ranging from Rs 1,000 to Rs 5,000. There was discussion for a long time about the central government’s Atal Pension Yojana that the pension amount is going to be increased under this. The Pension Fund Regulatory and Development Authority (PFRDA) had also recommended the Union Finance Ministry in this regard.
However, the proposal to increase the amount from 5,000 to 10,00 has been rejected outright. Union Minister of State for Finance Bhagwat Singh Karad has said that the amount of pension under APY has not been increased.
In response to a question in the Lok Sabha, Union Minister of State for Finance Bhagwat Singh Karad said that the government led by PM Narendra Modi decided not to increase the pension amount in the Atal Pension Yojana.
The specialty of APY is that the younger you start investing in it, the more benefits you will get. According to the rules, any Indian citizen (except only income taxpayers) between the age of 18 years to 40 years can join this pension scheme of the government. After the age of 60 years, he can get a pension ranging from Rs 1000 to Rs 5000.
To begin, figure out your required payment amount before using the Atal Pension Yojana calculator. Your beginning investment age and the pension option you select will determine the amount you pay each month.For instance, if you begin investing in this plan at the age of 18, you must continue to do so for 42 years in order to get your pension at age 60. Your contribution will be Rs 42 if you select the Rs 1,000 pension option when you are 18 years old.If you choose the 1,000 pension option, the bank will take between Rs 42 and 291 from your account each month. After the subscriber's death, the nominee might anticipate receiving a payout of 1.7 lakhs. Now, if you choose the 2,000 pension option, the bank will take between Rs.84 and Rs.528 each month from your account and after the subscriber’s demise, the nominee might anticipate receiving a payout of Rs 3.4 lakh.
