Atal Pension Yojana (APY) scheme offers a minimum guaranteed pension of Rs 1000

Atal Pension Yojana (APY) scheme offers a minimum guaranteed pension of Rs 1000

2014. Shri Giridhari Yadav

Will the Minister of Finance be pleased to state:

(a) whether the recommendation made by the PFRDA in 2019 to increase the maximum limit of pension from Rs. 5000 to Rs. 10000 under the Atal Pension Yojana brought out for the benefit of the poor belonging to the unorganized sector has not yet been implemented;

(b) if so, the details thereof along with the time by which the Government proposes to increase the maximum limit of Atal Pension Yojana from Rs. 5000 to Rs. 10000; and

(c) if not, the reasons therefor?

(a) to (c) The Atal Pension Yojana (APY) scheme offers a minimum guaranteed pension of Rs. 1000, Rs. 2000, Rs. 3000, Rs.4000 or Rs. 5000 per month based on age of joining and pension amount chosen. Accordingly, per month subscription amount presently varies from Rs. 42 to Rs. 1454. The proposal of Pension Fund Regulatory and Development Authority (PFRDA) regarding increase in pension amount under APY was examined. APY scheme offers a minimum guaranteed pension and any increase in pension amount is likely to increase the subscription amount substantially and put further burden on the subscriber. Therefore, it has been decided to continue the scheme with same terms and conditions and not to further increase the pension and subscription amount.

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