The Pension fund regulatory and development authority has finally decided to allow their Atal Pension Yojana subscribers a flexibility to increase or decrease their contribution at any point to their Pension accounts.
PFRDA has asked the bank to process the request for the change in the contribution amount as soon as possible. However, earlier, subscribers were given a single chance to change once per year.
The regulatory said- “This arrangement will enable the APY subscribers to increase/decrease their pension plans as per their changed income levels and capacity to pay APY contributions, which is very important to continue contributions in the scheme till 60 years,”
This Atal Pnesion Yojana was launched by the government of India in the year, 2015, May. It is open for all the citizens who are in the age group of 18-40 years. In this scheme, one can receive the pension of INR 1000 to 5000 per month after reaching to the age of 60.