Atal Pension Yojana: Pension Amount Expected To Double To Rs 10,000 Monthly

Union Finance Minister Nirmala Sitharaman is set to present this year's full budget in the Lok Sabha on July 23. A major announcement regarding the Atal Pension Yojana (APY) social security scheme is anticipated. Sources indicate that the government is currently assessing a proposal to double the pension amount , considering its fiscal impact. This decision may be finalized before the budget presentation. The central government aims to strengthen the country's social security framework and is also preparing to implement the Labor Code.

6.62 Crore Accounts Opened

As of June 20, a total of 6.62 crore people have opened accounts under the Atal Pension Yojana. The target for the year 2023-24 is to open an additional 1.22 crore new accounts. An official, speaking on condition of anonymity, mentioned that several proposals have been made to enhance the attractiveness of the APY, including increasing the guaranteed pension amount. These proposals are under consideration.

Plans to Increase the Minimum Pension Amount

Currently, the Atal Pension Yojana provides a monthly pension of Rs 5,000, which is being considered to be doubled to Rs 10,000 per month. Last month, Deepak Mohanty, Chairman of the Pension Fund Regulatory and Development Authority, noted that enrollments under the APY in 2023-24 have reached their highest level since the scheme's inception. The APY was launched in 2015 to provide social security.

Finance Minister's Remarks

Earlier this year, Finance Minister Nirmala Sitharaman stated that the Atal Pension Yojana was designed to be an affordable scheme with a guaranteed pension amount. In a social media post, she highlighted that the scheme has delivered a 9.1% return since its inception, making it highly competitive compared to other savings schemes.