2024-07-09 09:43:11
New Delhi: The government may double the minimum guaranteed amount to Rs 10,000 under its flagship social security scheme Atal Pension Yojana. According to sources, it may be announced in the budget to be presented on July 23. He said that the government is assessing its fiscal impact and a decision will be taken before the budget. The government wants to strengthen the social security structure in the country as it is preparing the ground for implementing the Labor Code on Social Security. According to data till June 20, a total of 6.62 crore people had opened accounts in the Atal Pension Yojana. 1.22 crore new accounts will be opened in the year 2023-24. An official said that some proposals have been made to make the Atal Pension Yojana more attractive. These include increasing the guaranteed amount. These are being considered. Currently, there is a minimum pension guarantee of Rs 1,000-5,000 per month depending on the contribution, with benefits guaranteed by the government. Last month, Pension Fund Regulatory and Development Authority Chairman Deepak Mohanty had said that enrolment under the Atal Pension Yojana in 2023-24 was the highest since the launch of the scheme in 2015.
Who does not get the benefit
The pension regulator has advocated an increase in the pension amount, saying the current amount will not retain its value over time. Earlier this year, Finance Minister Nirmala Sitharaman said the Atal Pension Yojana has been designed as an affordable scheme with guaranteed pension amount. In a post on X, she said the scheme has given a 9.1% return since inception and is quite competitive compared to other savings schemes. The finance minister said the Atal Pension Yojana is a subsidised scheme for the poor and lower middle class and it is evident that most pension accounts are in the lower slabs.
Atal Pension Yojana, launched in the year 2015-16, is administered by PFRDA through the National Pension Scheme. The scheme allows exit from the scheme at the age of 60 years with 100% of the pension fund annuity except in cases of death or terminal illness. The pension is available to the subscriber on exit. People paying income tax are not eligible to join this scheme.