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Budget 2024: The amount of Atal Pension Yojana can be increased to Rs 10,000, know the details

PC: Economictimes

The federal government could double the minimal assured quantity beneath its flagship social safety scheme Atal Pension Yojana to Rs 10,000 within the upcoming Funds.

People accustomed to the matter mentioned a proposal on this regard is being evaluated contemplating its fiscal influence and a choice can be taken nearer to the Funds presentation on July 23.

In accordance with folks, there are rising ideas within the authorities about implementing the labour code on social safety in addition to strengthening the social safety construction within the nation.

As of June 20, the scheme had a complete of 66.2 million enrolments, with 12.2 million new accounts opened in 2023-24. An official, who didn’t want to be named, mentioned, "Some proposals have been made to make the Atal Pension Yojana more attractive, including increasing the guaranteed amount. These are being considered."

Presently, there’s a assured minimal pension within the vary of Rs 1,000-5,000 per thirty days relying on the contribution, with advantages assured by the federal government. Final month, Pension Fund Regulatory and Growth Authority chairman Deepak Mohanty had mentioned that enrolment beneath the Atal Pension Yojana in 2023-24 was the best for the reason that launch of the scheme in 2015.

Earlier this 12 months, Finance Minister Nirmala Sitharaman mentioned that the Atal Pension Yojana has been designed as an reasonably priced scheme with assured pension quantity. In a put up on X, she mentioned that the scheme has given 9.1% returns since inception and is kind of aggressive in comparison with different financial savings schemes.

The Finance Minister mentioned that Atal Pension Yojana is a sponsored scheme for the poor and decrease center class, and it’s clear that a lot of the pension accounts are within the decrease slabs.

Atal Pension Yojana, launched in 2015-16, is run by PFRDA by way of the Nationwide Pension System. Exit from the scheme is allowed on the age of 60 with 100% annuitization of pension wealth, besides in instances of dying or terminal sickness. On exit, the pension is on the market to the subscriber. People paying earnings tax will not be eligible to affix this scheme.

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