PFRDA urges to raise pension amount under APY

• The Pension Fund Regulatory and Development Authority (PFRDA) has urged the government to raise the guaranteed pension amount under the Atal Pension Yojana (APY).
• The current sum may not entice potential subscribers to join the scheme.

ABOUT ATAL PENSION YOJANA (APY)

• APY is a contributory scheme aimed at establishing a universal social security system for workers in the unorganised sector.
• APY replaced Swavalamban Scheme.
• Administered by PFRDA under National Pension System.
• Nodal Ministry – Ministry of Finance
• Currently, subscribers between 18 years to 40 years contribute and receive a fixed pension amount ranging from Rs 1,000 to Rs 5,000 after turning 60.
• As of 16 September, APY has 50 million subscribers and Rs 30,694 crore in assets under management (AUM).