Government to Give 2,065 Crore More to Swavalamban Pension Scheme

Friday, April 13, 2012
Print Print Email Email
New Delhi: In a move that will benefit 70 lakh unorganised sector workers, the Centre approved an additional support of Rs.2,065 crore to Swavalamban Scheme, a pension programme, and also extended the funding support to subscribers for another 2 years. Extending funding support for implementing the scheme under the New Pension System (NPS) from present 3 years to 5 years for all subscribers enrolled during 2010-11, 2011-12 and 2012-13 has been approved, HRD and Telecom Minister, Kapil Sibal, told reporters after the Cabinet meeting. The Cabinet, he said, provided an additional funding support of Rs.2,065 crore to the scheme upto 2016-17 towards government's co-contribution to the subscribers and also for promotional and developmental activities. "This will benefit 70 lakh workers of the unorganised sector till 2016-17," Sibal said. Also, the exit norms of the scheme have been relaxed to enable Swavalamban subscribers to exit at the age of 50 years instead of 60 years, or a minimum tenure of 20 years, which ever is later. In 2010-11, there were about 3.02 lakh subscribers under the scheme, whereas during 2011-12 (till March,9, 2012) there were 1,93,238 subscribers. The Swavalamban Scheme is a co-contributory pension scheme under which the Central Government contributes a sum of Rs.1,000 per annum in each NPS account opened and having a saving of Rs.1,000 to Rs.12,000 per annum. The scheme is aimed at benefiting anganwadi workers, construction workers, occupational classes like weaver, fishermen, farmers and dairy workers, Sibal added. The New Pension System aims at providing retirement income to every citizen.
Source: PTI
Looking For Loan? Let us Help you !!!
Loan Amount
Annual Income
Preferred banks
Type the characters you see in the picture
Brookfield to buy RIL E-W Pipeline
Canadian investor Brookfield has acquired the loss-making East-West Pipeline Ltd from Mukesh Amba..
Banks need to raise own capital
Public Sector Banks (PSBs) may raise capital themselves to meet regulatory and growth ..
90% of developing economies
Ninety per cent of developing economies, including India are falling behind or are at risk of fall..
Bharti Airtel board approves
Telecom major Bharti Airtel on Thursday said its board of directors has approved fund raising ..