Now the Union Minister of State in the Ministry of Finance Dr. Bhagalat Karad has clarified the government’s stand on this matter. He said that at present the maximum amount is Rs 5,000 for which the account holder has to pay a premium of Rs 42 to 1454. If the maximum amount of pension is increased, then the premium will also increase.

He said that this would put additional burden on the subscriber and hence the government decided that the maximum pension limit under the Atal Pension Yojana would not be increased. At present, monthly pension of Rs 1,000, 2,000, 3,000, 4,000 and 5,000 is available under the Atal Pension Yojana. The amount to be charged for the premium depends on the age of the subscriber at the time of joining the scheme and the amount of pension he wants.

Karad’s statement

Dr. Karad said, “The recommendation of the Pension Fund Regulatory and Development Authority (PFRDA) to increase the pension amount under the Atal Pension Yojana was considered. APY ensures a minimum guaranteed pension and any increase in the amount of pension means an increase in the subscription amount which will be borne by the account holder. Therefore, it was decided to run the scheme with the existing terms and conditions and not to increase the pension or subscription amount further.

What is Atal Pension Yojana

PFRDA only operates the Atal Pension Yojana. Any Indian in the age group of 18-40 years can invest in this. In this, money has to be put till the age of 60 years and after that you get a fixed pension every month. You have already decided this pension at the time of starting investment in the scheme and you have contributed accordingly. If an account holder dies before the age of 60 years, then the deposited amount is returned to his nominee. On the other hand, if the spouse of the deceased is alive, then he can continue this scheme.

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In such a situation, with the change of power in Bihar, the government has become serious about the old pension. In this a big statement of the minister of the state government has come to the fore. In fact, Education Minister Professor Chandrashekhar has said in a press conference that the state government is serious about implementing the old pension scheme.

This will be considered. Due to this, once again the hope has increased among the pensioners and employees of the state regarding the old pension scheme. However, after being in the government with NDA, Nitish Kumar’s government made a different statement on this during the budget session. During this, in the budget session, Bijendra Prasad Yadav had said that the new pension system is applicable for government employees. No proposal to implement the old pension system is currently under consideration.

With the change of the same government, once again the demand has started regarding the old pension scheme. At the same time, the government sitting in the opposition, which was demanding to implement the old pension scheme, now it will be a big step for them to answer on this. Here the process has been started to implement the old pension scheme in Jharkhand. Apart from Bihar, the demand for implementing the old pension scheme in Uttar Pradesh has intensified. Earlier, in Himachal Pradesh, the employees are constantly adamant about the demand for the old pension scheme.

On which the CM issued a big statement saying that the old pension scheme can be considered. It is noteworthy that from April 1, 2004, the old pension scheme has been discontinued in the country. The pension scheme has been changed to the National Pension Scheme. After which the employees of the country are continuously making increased demands regarding the old pension scheme.

In view of the demand for the same old pension scheme, many state governments are preparing a guarantee pension scheme, while the central government is also preparing to make some new arrangements in the pension system. In such a situation, after the change of power in Bihar, what kind of arrangement does the state government make on the new demand of the employees. It will be interesting to see what is the opinion of the Chief Minister and others on this statement of the Education Minister.

The post Good news for employees-pensioners, big update on old pension scheme, minister’s big statement, will get benefits! first appeared on Rightsofemployees.com.