Earlier in the year, the PFRDA had stressed the need to increase the guaranteed pension amount, expressing concerns over its adequacy in meeting future needs.
The country’s general budget 2024 is going to come on July 23. This time everyone has high expectations from Finance Minister Nirmala Sitharaman. It is being discussed that the government is considering a proposal to increase the minimum guarantee amount under its very popular social security initiative, Atal Pension Yojana (APY). At present, the government has made a provision of guarantee ranging from Rs 1,000 to Rs 5,000 per month on this scheme depending on the contribution of the subscriber. According to the news of Economic Times, the government can increase this minimum guarantee amount to double i.e. Rs 10,000. It is expected that a decision on this can be taken around the budget date.
There are some proposals to make the scheme more attractive
As of June 20, there have been more than 66.2 million enrollments in the Atal Pension Yojana. In this, 12.2 million new accounts have been added in the financial year 2023-24 alone. According to the news, some proposals have been made to make the Atal Pension Yojana more attractive, including increasing the guaranteed amount.
These are being examined. Let us tell you, earlier this year, Pension Fund Regulatory and Development Authority (PFRDA) Chairman Deepak Mohanty had stressed the need to increase the guaranteed pension amount, expressing concerns over its adequacy in meeting future needs.
Economically deprived people get help
Finance Minister Nirmala Sitharaman has previously underlined the success of the Atal Pension Yojana keeping in mind the poor and lower-middle class people. Introduced as part of the National Pension System (NPS), the Atal Pension Yojana allows subscribers to exit the scheme at the age of 60. Individuals who pay income tax are excluded from enrolling in the scheme, thereby focusing on assisting the economically disadvantaged.