English हिन्दी
Connect with us

India News

Modi Govt considers proposal to raise pension limit to Rs.10,000/month for all Indians

Published

on

Modi Govt considers proposal to raise pension limit to Rs.10,000/month for all Indians

[vc_row][vc_column][vc_column_text]Modi government is looking into Pension Fund Regulatory Development Authority’s (PFRDA) proposal to double the monthly pension limit to Rs 10,000 from the existing Rs 5,000 under the Atal Pension Yojana (APY).

The proposed hike, if approved, will attract more people towards the scheme and provide better inflation-beating returns.

PFRDA chairman Hemant G Contractor, speaking at the Atal Pension Yojana Annual Conference on Tuesday, said the proposal has been sent to the Finance Ministry with an aim to increase the subscriber base of APY.

“Currently, we have five slabs of pension from Rs.1,000-5000 per month. There have been a lot of feedback from the market asking for higher pension amounts because many people feel that Rs.5,000 at the age of 60 years, 20-30 years from now, will not be sufficient. We have placed this proposal with the government that it should be increased to up to Rs.10,000,” Contractor said.

The PFRDA has sent two more proposals to the Ministry: auto enrolment for APY and raising the maximum age bar to enter the scheme from 40 years to 50 years.

At present, said a report in The Hindu, the age of entering APY is from 18-40 years but an increase in the same by another 10 years — from 18-50 years — will help in expanding the subscriber base, he added.

The subscriber base of APY is 1.02 crore. The PFRDA added about 50 lakh new subscribers under the scheme in 2017-18 and hopes to add another 60-70 lakh in the ongoing financial year, Contractor said.

There is a need to increase the value of pension under APY, Madnesh Kumar Mishra, Joint Secretary, Department of Financial Services (DFS), said at the conference, reported The Hindu.

“We have seen the proposal [sent by PFRDA] of increasing the pension value to [up to] Rs.10,000 per month and it is under our active examination,” Mishra said on the sidelines of the event.

Aimed specifically at the unorganised sector, the APY was introduced in June 2015 and aims to provide sustainable old-age income for more than 80% of India’s workforce. It had recently touched the 10 million subscriber mark, with nearly five million people enrolling for the scheme in 2017-18.

As on 31 March, 10.2 million subscribers have contributed to the scheme with Rs 4,400 crore. Currently the scheme has 60% men and 40% women, said K Mohan Gandhi, general manager, PFRDA.

The APY scheme is aimed specifically at unorganised sector and is in addition to the other pension scheme – the National Pension Scheme (NPS). The NPS, launched in 2004 was initially meant for government employees but was opened up to all Indians in 2009. The maximum age for opening a NPS account in 55 years and there is no upper limit for investing, as per a report in The Financial Express.[/vc_column_text][vc_column_text css=”.vc_custom_1528896119161{padding-top: 10px !important;padding-right: 10px !important;padding-bottom: 10px !important;padding-left: 10px !important;background-color: #a2b1bf !important;border-radius: 10px !important;}”]The minimum age to invest in Atal Pension Yojana is 18 years. The maximum stipulated age to enter and contribute to an APY account is 40 years. The PFRDA has proposed to raise the maximum age to 50 years.

APY works on pre-defined contribution slabs which enable an investor to reach his or her fixed pension goal of Rs. 1,000, Rs. 2,000, Rs. 3,000, Rs. 4,000 and Rs. 5,000 at present. The PFRDA has proposed to raise the maximum amount to Rs.10,000. The earlier one starts, the lower is the monthly contribution required to reach the desired pension goal, say financial planners.

APY comes with three modes of payment. These are monthly, quarterly and half-yearly. That means a minimum of two contributions are required every year. An 18-year-old subscriber to APY, for example, is required to pay Rs. 42 per month or Rs. 248 half-yearly for a pension of Rs. 1,000 per month after he or she attains the age of 60 years. – from NDTV[/vc_column_text][/vc_column][/vc_row]

India News

West Bengal government to launch Annapurna scheme from June 1, offering monthly aid of Rs 3,000 to women

The West Bengal government has announced the Annapurna Yojana, providing Rs 3,000 monthly financial assistance to eligible women aged 25–60 starting June 1, 2026. Existing beneficiaries of the older scheme will be automatically migrated subject to verification.

Published

on

The West Bengal government has officially notified the rollout of the ‘Annapurna Yojana,’ a welfare initiative aimed at providing assured monthly financial assistance of Rs 3,000 to women across the state. Introduced by the Department of Women and Child Development and Social Welfare, the scheme is structured to foster the socio-economic upliftment of women and will officially come into effect on June 1, 2026.

Under this new initiative, financial benefits will be transferred directly into the Aadhaar-linked bank accounts of qualified beneficiaries using the Direct Benefit Transfer (DBT) system.

Strict eligibility criteria outlined

According to the official government notification, specific guidelines have been established to determine eligibility for the monthly cash assistance:

  • Target Age Group: Eligible women must be between 25 and 60 years of age.
  • Employment Status: Applicants must not hold permanent government employment or receive a regular salary or pension from the central government, state government, statutory bodies, panchayats, municipalities, local bodies, or government-aided educational institutions.
  • Tax Criteria: Women who are income tax payers are excluded from the scheme.

Automatic migration and scrutiny rules

The new order clarifies that all current beneficiaries of the erstwhile Lakshmir Bhandar Scheme will be automatically migrated to the Annapurna Yojana. However, the transition involves a rigorous filtering process. Individuals identified as deceased, shifted, deleted, or recorded as absentee electors during the SIR-2026 exercise or voter slip distribution will be systematically excluded from the beneficiary list.

On the other hand, individuals who have filed appeals before the SIR Tribunal or submitted applications under the Citizenship (Amendment) Act will continue to receive financial assistance until their applications are legally resolved by authorities.

Application process for new beneficiaries

For fresh applicants, a dedicated online portal for the Annapurna Yojana will be launched on June 1, 2026. To ensure transparency, all new applications will undergo a strict multi-tier verification process by designated local administrative officials:

  • Rural Areas: Block Development Officers (BDOs) will manage the verification and inquiries.
  • Urban Areas: Sub-Divisional Officers (SDOs) will oversee the process.
  • Kolkata: Officials of the Kolkata Municipal Corporation (KMC) will handle applications within their jurisdiction.

Following field inquiries, verified reports will be uploaded directly to the digital portal. The respective District Magistrates and the KMC Commissioner will serve as the final sanctioning authorities in their corresponding jurisdictions to approve the disbursement of funds.

Continue Reading

India News

Tamil Nadu Chief Minister C. Joseph Vijay travels to New Delhi for first official meeting with PM Narendra Modi

Newly sworn-in Tamil Nadu Chief Minister C. Joseph Vijay embarked on his first official visit to New Delhi to hold a high-level meeting with PM Narendra Modi, focusing on economic aid, fertilizer supply, and water rights disputes.

Published

on

Tamil Nadu CM Vijay and PM Modi

Marking his maiden official visit to the national capital since assuming office, Tamil Nadu Chief Minister C. Joseph Vijay is scheduled to meet Prime Minister Narendra Modi on Wednesday to deliberate on a wide range of state-specific matters. The Tamilaga Vettri Kazhagam (TVK) chief, who led his fledgling party to a historic victory in the recent assembly elections, took the oath of office on May 10. While the Prime Minister had previously extended his congratulations via social media, this marks the first formal in-person meeting between the two leaders.

According to official sources, the Chief Minister departed from Chennai on a chartered flight at 10:00 AM. The high-profile meeting with the Prime Minister is slated for 4:30 PM, where Vijay is expected to submit a comprehensive memorandum outlining Tamil Nadu’s long-pending welfare and developmental demands.

Key state matters on the table

The core of the discussions is expected to center around financial assistance and clearances for major infrastructure projects in the state. Media reports indicate that the Chief Minister will heavily push for additional funds to bankroll ongoing developmental initiatives.

Furthermore, the interstate Mekedatu water dispute remains a high-priority issue. Chief Minister Vijay has already written to the Prime Minister, urging him to instruct the Union Jal Shakti Ministry and the Central Water Commission (CWC) to reject the Detailed Project Report submitted by Karnataka for a reservoir at Mekedatu.

Other critical administrative concerns to be raised include ensuring an uninterrupted supply of fertilizers for the upcoming Kharif farming season and the removal of the 11 percent import duty on cotton to protect the raw material supply chain for the state’s textile industry.

A packed diplomatic itinerary

Accompanied by a team of senior officials and select cabinet colleagues, the Chief Minister’s itinerary extends beyond the Prime Minister’s Office. Vijay is likely to sit down with Union Finance Minister Nirmala Sitharaman to directly advocate for financial backings for key state portfolios.

The new administration has also drawn national interest for its structural innovations, including retaining critical departments under the Chief Minister—such as Home, Police, and Women Welfare—and carving out a dedicated cabinet-level Artificial Intelligence department, making Tamil Nadu only the second state in the country to do so.

Navigating a complex political landscape, the TVK-led government, which holds 108 seats in the assembly and enjoys backing from coalition partners including the Congress, Left parties, VCK, and IUML, is also using this trip to engage with national opposition leaders. Chief Minister Vijay is scheduled to meet Congress leaders Sonia Gandhi and Rahul Gandhi during his stay in the capital.

Before wrapping up his tour, the Chief Minister is slated to participate in a cultural event at Jawaharlal Nehru University (JNU), where he will formally inaugurate a statue of the revered Tamil poet-saint Thiruvalluvar installed by the Tamil Nadu government. Sources indicate that Vijay will conclude his official engagements and return to Chennai on Thursday.

Continue Reading

India News

Assam clears Uniform Civil Code bill, becomes third state after Uttarakhand and Gujarat

Assam has officially become the third state in India to pass the Uniform Civil Code bill. The legislation was cleared by the state assembly on Wednesday despite strong objections raised by opposition lawmakers who claimed it impacts minority rights.

Published

on

himanta

The Assam Legislative Assembly on Wednesday passed ‘The Uniform Civil Code, Assam, 2026 Bill’, making it the third state ruled by the Bharatiya Janata Party (BJP) to adopt a uniform legal framework after Uttarakhand and Gujarat.

Opposition flags concerns over rights during house debate

The bill was taken up for final passage in the state assembly on Wednesday, sparking a heated discussion among lawmakers. During the legislative floor debate, opposition MLAs strongly voiced their concerns regarding the proposed law, stating that the legislation will hurt and compromise the fundamental rights of a certain section of society.

Despite objections from the opposition benches, the treasury benches cleared the passage of the bill, cementing Assam’s position as the latest state to move away from diverse personal laws in favor of a uniform code. Media reported that the legislative move follows extensive political discussions in the state surrounding civil regulations. With this enactment, Assam joins Uttarakhand and Gujarat, which have previously passed their respective uniform civil codes.

Continue Reading

Trending

© Copyright 2022 APNLIVE.com