NEW DELHI: If you are over 45 and haven’t invested for your future yet, you have a second chance. The government is looking to raise the upper age limit for people opting for the Atal Pension Yojana from 40 to 50 so that more people can apply.
Besides, according to sources, there could also be an increase in the maximum pension limit from the current ₹5,000.
The scheme currently has around 3.5 million subscribers. Sources said lack of awareness in the unorganised sector has been one of the key reasons for the programme not taking off.
“We will effect all the changes needed to make the scheme more attractive. Banks have also been asked to do the needful,” a senior finance ministry official told HT.
Sources said the issue was raised in the review meeting, held by finance minister Arun Jaitley, with chiefs of the state owned banks on Friday.
“We want the scheme to be open to people till the age of 50... this will make it more attractive and we are confident that banks will now promote the product,” said Hemant Contractor, chairman, PFRDA.