Atal Pension Yojana (APY) Limit Might Increase To 10k Per Month

| June 13 , 2018 , 19:22 IST

Modi government is willing to make significant changes in Atal Pension Yojana (APY). The Pension Fund and Development Authority has sent fresh proposals in accordance with the policy.

APY is a guaranteed pension scheme and is administered by the Pension Fund Regulatory and Development Authority (PFRDA).

“We have placed this proposal with the government that it should be increased,” said Hemant G. Contractor, chairman, PFRDA, at the Atal Pension Yojana Annual Conference on Tuesday.

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The proposal includes increasing the current pension limit to Rs. 10,000 from existing  Rs. 5000 per month under APY, The PFRDA has asked the government to consider automatic enrolment of citizens in APY, raising the maximum age bar under the scheme up to 50 years. The present age bar is 40 years.

In a conference of PFDRA  Madnesh Kumar Mishra, Joint Secretary, Department of Financial Services (DFS) recommended increasing the maximum pension amount under APY.

PFRDA Chairman Hemant G Contractor said the proposal has been sent to the finance ministry with an aim to increase the APY subscriber base. "Currently, we have five slabs of pension from Rs. 1,000-5000 per month. There has been a lot of feedback from the market asking for higher pension amounts because many people feel that Rs. 5,000 at the age of 60 years, 20-30 years from now, will not be sufficient," he said.

At present, there are 1.2 crore subscribers of APY.