The Pension Fund Regulatory and Development Authority (PFRDA) has requested the government to increase the guaranteed pension amount under the Atal Pension Yojana (APY) as the existing amount may not be attractive enough for potential subscribers.
Key points
- The Pension Fund Regulatory and Development Authority (PFRDA) has written to the government requesting an increase in the guaranteed pension amount under the Atal Pension Yojana (APY).
- It is noteworthy that in the case of guaranteed pension, the government has to make a budgetary proposal.
- If the pension amount is increased then funding will also have to be increased.
Atal Pension Yojana (APY)
- Atal Pension Yojana administered by PFRDA is a contributory scheme.
- This scheme was started on 9 May 2015.
- Atal Pension Yojana aims to establish a universal social security system for workers in the unorganized sector.
- Currently subscribers aged between 18 to 40 years contribute and receive a fixed pension amount ranging from Rs 1,000 to Rs 5,000 after reaching the age of 60 years.
Pension Fund Regulatory and Development Authority (PFRDA)
- Pension Fund Regulatory and Development Authority (PFRDA) is a statutory body.
- It regulates the pension sector of India.
- It was established in 2013 by the Pension Fund Regulatory and Development Authority Act.