Atal Pension May Double: The central government can double the minimum payout in Atal Pension Yojana (APY). It is believed that the government can make an announcement about this in the budget. If this happens, then those who register in this scheme will get the benefit of double pension. Know why the government can take this step:
Union Budget 2024: If you have registered or are about to register in Atal Pension Yojana (APY), then you may have fun. Actually, the government is planning to double the payout given in this scheme. The government can announce about this in the budget coming on July 23. If this happens, then the pension amount of the people will be doubled.
What is the government’s plan
The government is planning to double the pension given to the people under APY. This is because the government is assessing a proposal in this regard in view of its fiscal impact. At the same time, the government is also working towards taking steps towards social security. Actually, the government is preparing the ground to implement the Labor Act on social security. This is the reason why the minimum payout in the Atal Pension Scheme can be increased to Rs 10 thousand by the government.
This is the situation right now
Currently, people who open an account in this scheme get a monthly pension of Rs 1,000 to Rs 5,000 on maturity. However, it depends on the amount invested in it. Now the government plans to increase the amount given as pension in this scheme to Rs 10,000.
Most members joined this year
According to the news published in the Economic Times, the number of people opening accounts under this scheme was the highest in the year 2023-24. This year 1.22 crore people have opened accounts in this scheme. Deepak Mohanty, Chairman of Pension Fund Regulatory and Development Authority, had told that in the year 2023-24, the number of people taking advantage of this scheme was 6.44 crores. At the same time, last year (2022-23), the total number of people involved in this scheme was 5.20 crores. In the year 2023-24, 52 percent of the number of women in this scheme was.
8Yrs of Atal Pension Yojna.
APY has emerged as the most popular social security scheme.
Most of the NPS subscribers are from APY. This scheme is an outstanding effort by #ModiGovt to provide the social security to unorganised, down trodden & poors. #8YearsOfAPY #NewIndia #India pic.twitter.com/V09qMqmuiD— Shuchita Vatsal (@SJVatsal) May 9, 2023
Value will decrease with time
The pension regulator had recommended that the amount of pension under this scheme should be increased. Actually, the value of money decreases with time. Under this scheme, after the time the pension starts getting, the value of one thousand or five thousand rupees will not be very high. Therefore, the pension amount should be increased.
What is this scheme?
This is a pension scheme. It was launched by the central government in the year 2015. Any person between the age of 18 years to 40 years can open an account in any bank. In this, Rs 42 to Rs 210 have to be deposited every month as premium. After the age of 60, that person gets a pension of Rs 1000 to Rs 5000 every month for life. Its premium also increases with age.
