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New avatar of Atal Pension Yojana

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On Wednesday, The Union Cabinet had decided to extend the Atal Pension Scheme as the scheme got lapsed in August. In order to encourage the scheme amongst the people the cabinet has doubled the accident insurance and has extended the criteria of age by five years.

Atal Pension Yojana which is also known as APY is a social security scheme that was launched by the government in 2015 in order to provide a defined pension with price bracket between Rs 1,000 to Rs 5,000. Regarding the scheme, Finance Minister Arun Jaitley told the media that the scheme has been revised towards the positive end and will now be presented in its new avatar. The scheme will now be more focused to target individuals, instead of households, he added.

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As per the government data and some recent reports, more than 1 crore people benefited from the government’s flagship 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. 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. We have also increased the overdraft facility of the scheme from Rs 5,000 to Rs 10,000,” Jaitley said.

Besides this, Finance Minister Arun Jaitley also briefed that ‘Jan Dhan Yojana’ is the largest initiative in the world that have been taken by the Prime Minister towards financial inclusion. Jaitley also added that the Prime Minister’s Jan Dhan Yojana in the last four years has benefitted millions of Indians.

Arun Jaitley also said that in order to achieve the dream of New India, the people who were left out of financial system must be included. The NDA government is committed and is making the best possible efforts in order to improve the quality of life of each and every Indian and is trying to make it better than before. Jaitley also said that there is no need of a discussion as the benefits of the scheme says it all.

 

 

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