Big update on this pension scheme of Modi government, rules will change from October 1, they will not get benefits, know

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The amount up to Rs 1000, Rs 2000, Rs 3000, Rs 4000 or Rs 5000 is provided by the center in the account of each person who attains the age of 60 years.

There is a latest update for the pensioners of Atal Pension Yojana. There is going to be a big change in the rules of Atal Pension Yojana (APY) from October 1, tax payers will not be able to join this scheme after October 1. However, if a taxpayer joins this scheme by September 30, then he will be given this scheme. The benefits of the scheme will continue to be available. At the same time, all the tax payers who are already connected will also continue as before.

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Recently, the Ministry of Finance had issued a notification in this regard, in which it was said that if a person pays income tax, then he will not be able to take advantage of this scheme (APY) from October 1. According to the current rules, any Indian citizen between the age of 18 years to 40 years can join this pension scheme of the government. The amount of pension depends on your contribution.

The notification also states that if a subscriber, who has joined on or after October 1, 2022, is subsequently found to be an income tax payer on or before the date of application, the APY account will be closed. And the accumulated pension amount till now will be given to the subscriber.

According to the data of PFRDA, the total number of subscribers under Atal Pension Yojana increased by 32.13 percent to 312.94 lakh as on 30th September, 2021. The share of public sector banks among the subscribers of the scheme is more than 2.33 crore.

What is Atal Pension Yojana

  • Atal Pension Yojana is a scheme of the Government of India.
  • Under this scheme, unorganized workers are guaranteed a minimum pension.
  • The amount up to Rs 1000, Rs 2000, Rs 3000, Rs 4000 or Rs 5000 is provided by the center in the account of each person who attains the age of 60 years.
  • Every Indian citizen can apply for this scheme. However, due to the change in the rules, now people who pay income tax will not be eligible for this.
  • To join this scheme, people in the age group of 18 to 40 years should have a savings account.
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