Atal Pansion Yojna: Despite the recommendations of the Pension Fund Regulatory and Development Authority (PFRDA), the Union Finance Ministry has not increased the pension amount under the Atal Pension Yojana.
In response to this question in the Lok Sabha, Union Minister of State for Finance Bhagwat Karad said that with the increase in the amount in pension, the amount of pension i.e. installment will also increase. The increase in the subscription money of Atal Pension Yojana will put a burden on the subscribers. This is the reason why the government led by PM Narendra Modi has decided not to increase the Atal Pension Yojana pension money.
According to Union Minister of State Bhagwat Karad, Atal Pension Yojana is a minimum guaranteed pension scheme and any increase in the pension amount will also increase the amount paid by its members, which is likely to further burden the subscribers. Hence the Government has decided to continue the scheme with the same terms and conditions and not to carry forward the pension and subscription amount.
Benefits of Atal Pension Yojana
Earlier, PFRDA Chairman Hemant Ji Contractor had sent a proposal to increase the pension for the purpose of increasing the subscriber base of Atal Pension Yojana. At present, the government gives 5 pension slabs ranging from Rs 1,000 to Rs 5,000 to the people who invest money in Atal Pension. PFRDA got response from the market in which most of the subscribers demanded increase in pension. Most everyone said that Rs 5,000 at the age of 60 is not enough in times of inflation.
This much pension is guaranteed
A person who enrolls and invests money in the Atal Pension Yojana gets a guaranteed maximum pension of Rs 5,000 per month till death after the age of 60 years. One can change the amount of pension once in a financial year. If the subscriber dies before the age of 60 years, the spouse can continue to make payments to the subscriber’s Atal Pension Yojana account. For those who are below 60 years of age, early exit is allowed under Atal Pension Yojana.