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Budget 2024: Atal Pension Yojana amount may be doubled! You will get at least Rs 10,000.

Sagar Patel

By Sagar Patel

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The minimum amount in Atal Pension Yojana can be doubled

Everyone is expecting that the general budget will be presented on July 23 in the third term of the Modi government. It is believed that this time the government may make big announcements to provide relief to the common man. In this context, the amount of Atal Pension Yojana, the main social security scheme, may also be doubled. According to sources, the minimum amount under the scheme may be increased from Rs 5,000 to Rs 10,000. In this regard, Finance Minister Nirmala Sitharaman may make a big announcement in the budget. With the implementation of this decision, senior citizens will get a higher pension.

The Economic Times report quoted an official as saying that some proposals have been made to make the Atal Pension Scheme more attractive, which also says that the guaranteed amount will be increased. A major announcement in this regard may be made in the budget. At present, the government provides a minimum pension of Rs 1,000 to Rs 5,000 per month on a contribution basis with guaranteed benefits. But the Labour Code can be implemented to strengthen the social security structure in the country.

Why did the demand to increase the pension amount arise?

Last month, Pension Fund Regulatory and Development Authority (PFRDA) Chairman Deepak Mohanty said that nominations under the Atal Pension Scheme in 2023-24 were the highest since 2015. Till June 20, a total of 66.2 million enrolments were registered under the scheme, while 12.2 million new accounts were opened in 2023-24. This shows that people’s interest in this scheme is increasing. But the current amount is not sufficient for the times. In such a situation, the pension regulator has been advocating for an increase in the guaranteed pension amount from the beginning.

What is Atal Pension Yojana?

Atal Pension Yojana (APY) was established by the Pension Fund Regulatory and Development Authority (PFRDA) in the year 2015-16. It has been linked to the National Pension Scheme.

Sagar Patel

Sagar Patel

I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,

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