Budget 2024: The government is running Atal Pension Scheme for the workers of the unorganized sector. Under Atal Pension Yojana, the government guarantees minimum pension.
Now there is hope that the government can increase the pension amount of Atal Pension Yojana. The government can increase the funds of Atal Pension Yojana in the upcoming interim budget. Finance Minister Nirmala Sitharaman will present the interim budget on 1 February.
There is a demand to increase pension
The Pension Fund Regulatory and Development Authority (PFRDA) has written a letter to the government and recommended increasing the amount of pension received under the Atal Pension Yojana. According to PFRDA, there is a need to increase the money received under the scheme.
It is expected that the government may increase the maximum amount received under Atal Pension from Rs 5000 to Rs 7,000. If we look at increasing inflation, there is a need to increase it. At present there are more than 5.3 crore shareholders in Atal Pension Yojana. That means 5.3 crore people are taking advantage of this scheme.
What is Atal Pension Yojana?
The government had brought the Atal Pension Scheme in the Budget 2015-16 keeping in view the security of income in old age. Through this scheme, the government is encouraging the common people, especially those associated with the unorganized sector, to save as much as possible. People associated with the unorganized sector also have to be protected from the risk of not having income after retirement. This scheme is being run by Pension Fund Regulatory and Development Authority (PFRDA).
Will get pension of Rs 5,000 every month
Under Atal Pension Yojana, customers get pension ranging from Rs 1,000 to Rs 5,000 every month. The Government of India guarantees the minimum pension benefit. The central government contributes 50 percent of the subscriber’s contribution or Rs 1,000 annually, whichever is less. Government contributions are paid to people who are not covered under any statutory social security scheme and are not taxpayers. Under the scheme, pension of Rs 1,000, 2000, 3,000, 4,000 and 5,000 is available. Investment also depends on the amount of pension. Atal Pension Yojana is for all citizens of India between the age of 18 to 40 years.
