Financial security after retirement is everyone’s first concern. The government’s Atal Pension Yojana (APY) has become a strong support for millions of Indians who want a steady income post-retirement. Under the scheme, one becomes eligible for a pension of Rs 1,000 to Rs 5,000, depending on the contribution and the age of the subscriber when the subscription starts. If you have chosen a monthly pension of Rs 2,000 under this scheme so far and are planning to increase it to Rs 5,000, then this is good news for you. This can be done without much hassle.

What is Atal Pension Yojana and for whom is it?

Atal Pension Yojana is specially designed for those unorganised sector workers who do not have any permanent income after pension or retirement. Under this scheme, you can get a monthly pension of Rs 1,000 to Rs 5,000 after the age of 60 years. For this, you have to make a regular monthly contribution according to your chosen pension amount.

Also read: Your Money: Maximise your tax savings with NPS

How to increase pension amount from Rs 2,000 to Rs 5,000?

If you want to increase your monthly pension from Rs 2,000 to Rs 5,000, then first of all, you have to contact the bank branch or financial institution where you opened your APY account. Go there and apply to increase the pension amount. The bank will decide your new monthly instalment based on your age, current contribution, and chosen pension amount. It is possible that the bank will ask you to fill out a new auto-debit form, so that your monthly amount is automatically deducted from your bank account.

Benefits of increasing the monthly pension

After the completion of this process, your monthly pension will reach Rs 5,000. This will not only improve your financial condition after retirement, but your family will also feel secure. This scheme not only provides financial security but also encourages the habit of saving.

Scheme’s figures so far and the increasing participation of women

According to government figures, so far, more than 7.65 crore people have joined this scheme, and the total deposit amount has reached above Rs 45,974.67 crore. The special thing is that the participation of women in the scheme is about 48%, which is increasing continuously. This scheme is mainly designed for the poor and unorganised sector workers so that they can remain financially independent in their old age.

Also read: 11.7 million more opt for Atal pension cover in FY25

Start of the scheme and administrative management

Atal Pension Yojana was launched in May 2015. It is operated through the National Pension System (NPS) under the Pension Fund Regulatory and Development Authority (PFRDA). A minimum of 20 years of contribution has to be made in it. Initially, the government also gave half of the contribution or up to Rs 1000 per year to the subscriber’s account for five years.

Digital facilities and reach to rural areas

A major feature of this scheme is that application and management have become very easy through digital means. This is making the scheme reach even the remote areas. Also, the increasing participation of women is a major reason for the success of this scheme.

Now is the right time to increase your pension amount

If you have not increased your pension amount till now, then this is the right time. Go to your nearest bank branch and apply to increase your monthly pension from Rs 2,000 to Rs 5,000. These small steps will prove to be very helpful in making your future secure and happy.

Also read: Universal Pension Scheme: Govt plans voluntary scheme open to all — No job needed!

Who can join the Atal Pension Scheme?

If you are between 18 to 40 years of age and you work in the unorganized sector, then you can still join the Atal Pension Yojana. Keep in mind that from October 1, 2022, income tax payers are not eligible for this scheme. It would be better if you go to the nearest bank and ask about the complete information of the scheme and the amount of monthly contribution.

In this way, you can not only increase your pension amount but also secure the future of yourself and your family.