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.
An Appeal...
Dear Reader,
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.