Atal Pension Yojana: PFRDA demanded to increase the age limit of the Atal Pension Scheme

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New Delhi: The demand for major changes in the Atal Pension Scheme has been done by the PFRDA Pension Fund Regulatory Authority. Hemant Contractor, president of the Pension Fund Regulatory and Development Authority (PFRDA) on Monday said that he has urged the government to increase the maximum age limit of the Atal Pension Scheme (APY) from 40 years to 50 years.

The contractor said, "The maximum length of APIs is 40 years. This scheme is for people in the unorganized sector. We have urged the government to increase it. ‘Though the government has not considered this, but the Pension Fund Regulatory believes that the benefit of raising the lifespan up to 10 years will increase the population and security in old age will increase because life expectancy is increasing.

People aged 18-40 years old who have a savings account and active mobile number can open API account. Under this scheme, they get guaranteed regular monthly pension of Rs 1,000 to Rs 5,000 per month at the age of 60 years. PFRDA has given the suggestion to double this amount of pension to the government. In the long run, the amount of Rs. 5 thousand will be reduced as a pension.

The Government had declared the Atal Pension Scheme on May 9, 2015. In this pension scheme, the subscriber gets a pension with guarantee. This plan is centered on those who work in the unorganized sector.

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