New Delhi, April 22 -- India is looking to strengthen the social security net for informal workers amid rising living costs for retirees. Under the plan, the finance ministry, in consultation with the Pension Fund Regulatory and Development Authority (PFRDA), is considering doubling the assured pension ceiling under the flagship Atal Pension Yojana (APY) to up to Rs.10,000 a month, according to three people aware of the discussions.

The proposal aims to boost fresh enrolments as well as retention in a scheme that now has 90 million subscribers but faces high drop-offs.

Launched in May 2015, the pension scheme focuses on informal sector workers and currently provides a guaranteed monthly pension of Rs.1,000-5,000 after the age of 60 year...