On July 23, Finance Minister Nirmala Sitharaman will deliver the maiden budget of the Modi administration’s third term. Everyone in this circumstance has varied expectations from the government, including farmers, traders, pensioners, and members of the salaried class. According to sources, the government may increase the minimum guarantee payment under the Atal Pension Yojana, its flagship social security program, to Rs 10,000 in the next budget.
66.2 crore members in APY as of now
According to sources, the administration is evaluating a proposal in this context based on its financial implications. A choice on this will be made when the budget presentation date approaches. The administration is attempting to implement social security. In actuality, the government is preparing the ground to implement the Labor Act on social security. According to data, under APY, till June 20, there were a total of 66.2 crore members in the scheme, and 1.22 crore new registrations were done in 2023-24. According to the news of ET, the minimum payout in Atal Pension Yojana can be increased to Rs 10,000 by the government.
The pension plan is currently being improved.
Under the condition of anonymity, an official informed ET that recommendations had been made to enhance the Atal Pension Yojana. We are considering these recommendations. As of right now, the government guarantees a minimum pension of between Rs 1,000 and Rs 5,000 per month under the system. But it is dependent upon your input. Your pension in the future is determined by the amount of money you contribute. The Pension Fund Regulatory and Development Authority (PFRDA) Chairman, Deepak Mohanty, stated last month that the number of people registered for the Atal Pension Yojana (APY) in 2023–2024 was the largest since the scheme was launched in 2015. PFRDA is advocating to increase the pension up to a maximum of Rs 5000. The regulator argues that the value of the existing amount may decrease over time.
Provided a 9.1% return from the start.
The Atal Pension Yojana (APY) was created as an inexpensive system with a guaranteed pension sum, according to Finance Minister Nirmala Sitharaman. She claimed in a post on X that the scheme is superior to other schemes because it has returned 9.1% since its launch. According to the Finance Minister, the Atal Pension Yojana has been launched for lower middle-class and impoverished individuals. According to Sitharaman, there is a feature in the plan that allows you to cease paying the premium if you so choose. However, the plan will automatically carry on.
Atal Pension Yojana: What Is It?
The Pension Fund Regulatory and Development Authority (PFRDA) launched the Atal Pension Yojana (APY) in 2015–16. The scheme has been linked to the National Pension System. Under this scheme, 100 percent of the money deposited at the age of 60 can be withdrawn in case of death or any serious illness. Even if you withdraw the money, you will get a pension on the entire amount deposited. People who pay income tax cannot take advantage of this scheme.
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