(FE)
To make the Atal Pension Yojana (APY) more attractive, the Pension Fund Regulatory and Development Authority (PFRDA) has sought the government’s nod to double the guaranteed minimum pension under the scheme to Rs 10,000/ month and increase the upper age limit for entering APY to 50 from 40 now.
Officials reckon that such a move would attract more unorganised sector workers into the retirement plan. The APY has enrolled 1.18 subscribers till now since it’s roll-out in FY16. The PFRDA is hopeful that the scheme’s subscribers would touch 1.5 crore by the end of FY19.
“These changes are required due to increase in longevity of life as well as cost of living,” PFRDA chairman Hemant G Contractor told FE.The proposed changes and the recent permission to subscribers to contribute till the age of 70 instead of 60, would have profound impact on the scheme in coming years, he added.
