Published On: Mon, Jun 25th, 2018

Govt likely to hike APY pension limit to attract more people

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There are rumours that the central government is likely to hike the pension maximum limit of the Atal Pension Yojana from Rs. 5,000 to Rs. 10,000 per month in order to encourage more citizens to utilise the benefits offered for secured and peaceful retirement life.

The scheme was originally launched in the year 2015. Though at the time it was introduced it received a huge popularity, its attractiveness diminished gradually as the time moved forward. It was assumed that its low maximum limit was the reason for the sudden fall of its popularity.

It seems that the new change proposed for the central government’s ambitious pension scheme is targeted at reducing the aforesaid shortcoming.

The Atal Pension Yojana is the most appreciated pension schemes ever launched by the central government. Any Indian citizen who is above eighteen years and less than forty years is eligible to avail the benefits of this scheme. If one joins the scheme at a early age, the monthly contribution will be less, and as the age of the person increases, the monthly contribution hikes accordingly. Anyway, the monthly contribution never exceeds the limit of Rs 1,500. However, it is advised to join the scheme at a lower age to achieve the maximum benefit.

 

Vignesh. S. G

Photo Courtesy: Google/ images are subject to copyright 

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Govt likely to hike APY pension limit to attract more people