Atal Pension Yojana 2024-25
Finance Minister Nirmala Sitharaman is set to present the Modi 3.0 government’s first budget on July 23. There is significant anticipation that the Union Budget 2024-25 will bring relief to the poor and low-income groups. Reports indicate that the government may double the pension amount under the Atal Pension Yojana (APY). Let’s explore the government’s planning for APY in this budget.
According to a report in the Economic Times, the government is considering doubling the guaranteed amount under the Atal Pension Yojana 2024-25 to ₹10,00,000. The announcement is expected in the budget to be presented on July 23. The financial implications of this decision are still being evaluated.
Enhancements to Atal Pension Yojana
An official stated that several proposals are under consideration to make APY more attractive. One of these proposals includes increasing the guaranteed amount. Currently, under the Atal Pension Yojana, subscribers contribute based on their age and the desired pension amount. For example, those investing ₹291 per month from the age of 18 will receive a pension of ₹5000 per month after turning 60.
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Current Statistics and Future Projections
As of October 1, 2022, individuals who pay income tax cannot open an account under this scheme. Reports indicate that by June 20, 2024, there were 6.62 crore accounts opened under the Atal Pension Yojana, with 1.22 crore new accounts opened during the 2023-24 period. Finance Minister Nirmala Sitharaman mentioned in her March 2024 post that APY has provided a 99.1% return since its inception, making it highly competitive compared to other saving schemes.
Retirement Security
With rising inflation, increasing the pension amount under APY to ₹10,00,000 would significantly benefit unorganized and low-income individuals, helping them combat inflation and secure their retirement. Additionally, discussions are ongoing about providing relief in income tax, potentially raising the standard deduction limit in the new tax regime from ₹50,000 to ₹75,000 or even ₹1,00,000.
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Tax Relief
In addition to the enhancements in the Atal Pension Yojana, there are strong expectations that the budget will offer tax relief. There is speculation that the government might increase the standard deduction limit in the new tax regime, providing significant relief to taxpayers.
Atal Pension Yojana
Substantial Benefits
We eagerly await the presentation of the Union Budget on July 23, which promises substantial benefits and reforms for various sections of society. Stay tuned to Hindi Yojana News for all updates related to the budget.
Registration Form for Atal Pension Yojana
