The Central Government of India has amended the Atal Pension Yojana Investment scheme which will be applicable from 1st October, 2022. An official statement was issued by the Department of Financial Services under the Ministry of Finance that a person paying income tax will not be eligible for the Atal Pension Yojana.
What is Atal Pension Yojana?
Atal Pension Yojana is government backed pension scheme and formally it was known as Swavalamban Yojana. Under the Atal Pension Yojana a subscriber would receive a minimum guaranteed pension of ₹1000 to ₹5000 per month from the age of 60 years depending upon their monthly contribution.
The same pension will be paid to the spouse of the subscriber after the death of the subscriber and on demise of both the subscriber and spouse, the pension wealth as accumulated till the age 60 of the subscriber will be given back to the nominee of the subscriber.
According to Atal Pension Yojana any citizen of India within the age of 18-40 years can apply for APL scheme and they need to have a savings account in any bank or post-office.
New Amendments in Atal Pension Yojana
Earlier any citizen of the country aged between 18 to 40 years can apply for Atal Pension Yojana Scheme but from October 1st, 2022 the citizens of the country who are paying Income-tax will be eligible for the scheme.
According to the official statement if a new subscriber, who joined on or after 1st October, 2022, is subsequently found to have been an income-tax payer on or before the date of application, their Atal Pension Yojana account shall be closed and the accumulated pension wealth till date would be given to the subscriber.
Benefits of new Amendments
The sole purpose of launching Atal Pension Yojana was to provide financial support after retirement to the people working in unorganised or private sector who belong to the low income group. And this move will help the central government to reach out to the people for whom this social security scheme is meant for.