Atal Pension Yojana: Nirmala Sitharaman’s war of words with Jairam Ramesh – India TV Hindi

The scheme offers a minimum return of 8% irrespective of the prevailing interest rates.  - India TV Money

Image: File The scheme offers a minimum return of 8% irrespective of the prevailing interest rates.

A war of words has erupted between Union Finance Minister Nirmala Sitharaman and Congress leader Jairam Ramesh over the impact of the government’s retirement planning scheme Atal Pension Yojana (APY). It started when Ramesh pointed out that on March 24 in Bengaluru, Sitharaman praised the pension scheme named after veteran BJP leader Atal Bihari Vajpayee, but did not mention that 83 percent of the subscribers ₹ 1000 was in the lowest slab level of pension. are. Citing a study by the Indian Council of Social Science Research, he said nearly one-third of users who opted out of pension schemes did so because their accounts were opened without express permission.

The Finance Minister denied these allegations.

According to Livemint News, the study also shows that while 32 percent of customers left their Atal Pension Yojana accounts because they opened them without the bank’s permission, 38 percent closed the accounts because they wanted more money and 15 percent did so. There is no money to maintain the account.

The Union Finance Minister denied the allegations and even quoted veteran economists Richard Thaler and Cass Sunstein. In a post on social media platform X, Sita Raman wrote that Jayaram Ramesh is ignorant of the basic principles of designing a good pension account. Seetha Raman discussed the following points related to the scheme:

  • Atal Pension Yojana is designed on a best practice option basis to automatically continue premium payments until the subscriber chooses to opt out. That is, the contribution continues from year to year until the subscriber wishes to discontinue the scheme.
  • The scheme offers a minimum return of 8% irrespective of the prevailing interest rates. And if there is shortage, the government also gives subsidy to PFRDA.
  • Seetha Raman denied allegations of duping and coercing investors. He said that Congress party cheats in the name of vote bank politics or appeasement of minorities.
  • Alleging that most of the pension accounts are in the lower slab, Seetha Raman also said that the scheme is meant for the poor and the lower middle class.

Know what is Atal Pension Yojana.

Atal Pension Yojana is a social security scheme launched by the Government of India. The objective of the Government of India is to provide a steady flow of income to all citizens of India after the age of 60 years. The scheme is targeted towards unorganized sector workers, under which a monthly pension of at least Rs 1000 or Rs 2000 or Rs 3000 or Rs 4000 or Rs 5000 will be guaranteed at the age of 60 depending on the contribution of the users. . To open an account under this scheme, the customer must have a savings account with a bank or post office. Note that any Indian between the ages of 18 to 40 can open an Atal Pension Yojana account at any bank or post office. In this scheme, the subscriber can deposit his/her contribution at monthly/quarterly/half yearly intervals through auto debit facility from his/her Savings Bank Account/Post Office Savings Bank Account.

Nomination details must be provided in Atal Pension Account. If the subscriber or customer is married, the spouse will be the default nominee. Unmarried users can nominate another person but after marriage they have to provide details of their spouse. Aadhaar information of spouse and nominee can be provided. After the death of the subscriber, his spouse will also be entitled to receive the same pension amount as his. After the death of both the subscriber and the spouse, the nominee will be entitled to receive the accumulated pension amount till the subscriber attains the age of 60 years.

This is how you can open an Atal Pension Yojana account.

  • Contact the bank branch/post office where the person has a savings bank or if not, open a new savings account.
  • Provide bank/post office savings bank account number and fill APY registration form with the help of bank staff.
  • Provide Aadhaar/Mobile Number. This is not required, but may be provided to facilitate communication about contributions.
  • Ensure to maintain required amount in Savings Bank Account/Post Office Savings Bank Account for monthly/quarterly/half yearly contribution transfer.

Latest data related to Atal Pension Yojana

Under the new provision, from October 1, 2022, any citizen who has paid or is paying income tax will not be eligible to join the Atal Pension Scheme. A total of 6,17,96,389 customers have joined the scheme till 20 January 2024.

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