Atal Pension Yojana
The government has kept in consideration a proposal to raise pension limit under Atal Pension Yojana, Government to Double the slab Rs.5000 to Rs.10,000 a top official said.
Madnesh Kumar Mishra, Joint Secretary, Department of Financial Services (DFS), said at a conference that there is a need to increase the value of pension under Atal pension Yojana, conference organized by Pension Fund Regulatory and Development Authority
“Currently, their are five slabs of pension starting from Rs 1,000 to 5000 per month. There has been a lot of feedback from the market asking for higher pension amounts because many people feel that Rs 5,000 at the age of 60 years, 20-30 years from now, will not be sufficient.
“We have placed this proposal with the government that it should be increased to up to Rs 10,000,”
PFRDA has sent two more proposals to the ministry – auto enrolment for APY and raising the maximum age bar to enter the scheme to up to 50 years.
Currently, the age of entering APY is from 18-40 years but an increase in the same by another 10 years- from 18-50 years – will help in expanding the subscriber base, he added. The present subscriber base of Atal Pension Yojana is 1.02 crore.
PFRDA added about 50 lakh new subscribers under the scheme in 2017-18 and hopes to add another 60-70 lakh in the ongoing financial year, Contractor said.