Finance Minister Nirmala Sitharaman is set to unveil the budget for the financial year 2025-26 on February 1, capturing the attention of the entire nation. This year, there are strong expectations that the government will announce significant changes to the Atal Pension Yojana (APY).
In an effort to enhance social security, the government may propose to double the minimum pension amount provided under this scheme. Currently, the minimum monthly pension ranges from Rs 1,000 to Rs 5,000, depending on individual contributions.
Plans to increase the monthly pension
Sources indicate that the government is likely to approve a proposal to raise the pension under the scheme. The plan to elevate the minimum guaranteed amount to Rs 10,000 is nearing completion and could be revealed in the upcoming budget. The Atal Pension Yojana (APY) is a government initiative designed to offer financial support to the underprivileged and those employed in the unorganized sector during their retirement. Launched by the Pension Fund Regulatory and Development Authority (PFRDA) in 2015-16, the scheme allows contributors to receive a monthly pension ranging from Rs 1,000 to Rs 5,000.
Key feature of the scheme
One of the standout features of the Atal Pension Yojana is that if the beneficiary passes away, the nominee receives the full amount invested. To open an account under this scheme, individuals must be between the ages of 18 and 40. Applicants need to have their own bank account to participate.
To enroll in the scheme, you can obtain the registration form from your bank or download it from the official website. After filling out the form with the required details and selecting your pension option, submit it along with your Aadhar card and any other necessary documents.