Insta
Pensioners waiting in queue for payment.
The Narendra Modi government has increased the age limit, doubled accident insurance and indefinitely extended Atal Pension Yojana (APY) after yesterday’s (5 September) cabinet meeting, Financial Express has reported. The scheme was launched in 2015 with an aim to provide a pension of Rs 1,000 to Rs 5,000 upon retirement for those who subscribe to the scheme. The scheme was supposed to end this year, but the government extended it considering the public response and success of the scheme.
“The scheme, which was earlier for four years, lapsed in August 2018. But seeing the mass participation in this runaway-success scheme, the cabinet has decided to extend it and keep it open-ended,” he said.
Finance Minister Arun Jaitley informed the media that the age limit was being increased after taking into account the rise in life expectancy.
“Earlier, people of age 18 to 60 years were entitled to enrol in the scheme. But looking at the rise in average age-expectancy, now we have relaxed it further to 65 years,” he said.
Jaitley added that those who enrol for the scheme after 28 August would have an accident insurance cover of Rs 2 lakh, twice the previous limit of Rs 1 lakh. The overdraft facility of the scheme has also been doubled from Rs 5,000 to Rs 10,000.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest