Finance Ministry New Update: The government has made significant changes to the pension plan; see more here

 Finance Ministry New Update: The government has made significant changes to the pension plan; see more here

According to the Finance Ministry, there are currently no plans to increase the pension payout under the Atal Pension Yojana (APY).

According to the Finance Ministry, there are currently no plans to increase the pension payout under the Atal Pension Yojana (APY). It has been reported that subscribers to the Atal Pension Yojana (APY) may need to make large increases in their contributions in order to get a greater pension. According to the government, the Atal Pension Scheme would continue in accordance with the regulations, with a monthly pension sum set at Rs 5,000. The Pension Fund Regulatory and Development Authority (PFRDA) has previously supported pension increases.

According to PFRDA Chairman Deepak Mohanty, the government has been requested by the regulator to raise the maximum monthly pension amount under the government-guaranteed Atal Pension Yojana (APY) from the current sum of Rs 5000. He did concede, however, that there are budgetary limitations. With over 79 lakh enrolments in the current fiscal year, the Atal Pension Yojana (APY) plan has more than 6 crore enrollments overall.

Atal Pension Yojana: What is it?

The Atal Pension Yojana is an assured pension program designed primarily for Indians employed in the informal economy. APY is available to every Indian citizen with a bank account who is between the ages of 18 and 40. Under this, starting at age 60, an investor is promised a minimum pension of ₹1,000 to ₹5,000 per month, depending on his contributions.

Equal pension payments will be sent to the subscriber's spouse upon their death, and the nominee will get back the pension amount accrued up to the subscriber's 60th birthday upon the deaths of both the subscriber and the spouse.

Customers may enroll online or in person at a bank branch or post office to sign up for APY. The bank account number, Aadhaar-registered phone number, and Aadhaar number are required to fill up the APY form online.