look news india
Budget expectations: Finance Minister Nirmala Sitharaman will present the first budget of the third term of the Modi government on July 23. In such a situation, from the salaried class to farmers, businessmen to pensioners, everyone has different expectations from the government. Meanwhile, sources claim that the government may double the minimum guarantee amount under its flagship social security scheme Atal Pension Yojana to Rs 10,000 in the upcoming budget.
APY has 66.2 crore members so far
Sources say that the government is assessing a proposal in this regard in view of its fiscal impact. As the time to present the budget is approaching, a decision will be taken on this. The government is working towards taking steps towards social security. Actually, the government is preparing the ground to implement the Labor Act on Social Security. According to a data, under APY, till June 20, there were a total of 66.2 crore members in this scheme and 1.22 crore new registrations were done in 2023-24. According to the news of ET, the minimum payment in Atal Pension Yojana can be increased to Rs 10,000 by the government.
Work is underway to improve the pension scheme
An official, on condition of anonymity, told ET that some suggestions have been given to improve the Atal Pension Yojana. These suggestions are being considered. At present, this scheme provides a minimum pension of Rs 1,000 to Rs 5,000 per month with the government's guarantee. However, it depends on your contribution. The more you contribute, the more pension you will get in the future.
The value of the current amount will decrease over time
Last month, Pension Fund Regulatory and Development Authority (PFRDA) chairman Deepak Mohanty said that registration in Atal Pension Yojana (APY) in the year 2023-24 was the highest since the scheme was launched in 2015. PFRDA is advocating increasing the pension to a maximum of Rs 5000. The regulator argues that the existing amount may lose value over time.
Gave 9.1% return since inception
Finance Minister Nirmala Sitharaman had said that the Atal Pension Yojana (APY) was designed as an affordable scheme with a guaranteed pension amount. In a post on X, she said that the scheme has given a return of 9.1% since its inception and it is much better than other schemes. The Finance Minister said that the Atal Pension Yojana has been run for the poor and lower middle class people. Sitharaman had said that there is a facility under the scheme that if you want, you can also stop paying the premium. But this scheme will continue by default.
What is Atal Pension Yojana?
Atal Pension Yojana (APY) was launched by the Pension Fund Regulatory and Development Authority (PFRDA) in the year 2015-16. This scheme has been linked to the National Pension System. In case of death or any serious illness, 100% of the money deposited at the age of 60 can be withdrawn under this scheme. Even if you withdraw the money, you will get pension on the entire amount deposited. People who pay income tax cannot avail the benefits of this scheme.