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Atal Pension Yojana: PRFDA seeks Centre nod to double pension limit to Rs 10,000, relax upper age limit

To make the Atal Pension Yojana (APY) more attractive, the Pension Fund Regulatory and Development Authority (PFRDA) has sought the *government’s nod to double the guaranteed minimum pension* under the scheme to Rs 10,000/ month and *increase the upper age limit* for entering APY to 50 from 40 now. The APY has enrolled 1.18 subscribers till now since it’s roll-out in FY16. The proposed changes and the recent permission to subscribers to *contribute till the age of 70 instead of 60* would have profound impact on the scheme in coming years, he added. Currently, to get a fixed monthly pension between Rs 1,000/month and Rs 5,000/month, the subscriber has to contribute on monthly basis between Rs 42 and Rs 210, if she joins at the age of 18 years. For the same fixed pension levels, the contribution would range between Rs 291 and Rs 1,454, if the subscriber joins at the age of 40 years. To get a pension of Rs 10,000, the subscriber may have to pay Rs 420/month if she is enrolled at the age of 18. For subscribers above the age of 18-year, the monthly contributions would rise depending on the age bracket at the time of enrollment.

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