Swavalamban Pension Scheme

Swavalamban Pension Scheme

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Swavalamban Pension Scheme

what is Motive Behind or objective of Swavalamban Pension Scheme?

  • To encourage the workers of unorganized sector to voluntarily save for their retirement and to lower the cost of operations of the New Pension System (NPS).

Who will contribute in this Scheme and how much will be contributed in this scheme?

  • Both NPS Subscribers and Government of India
  • The Government of India (GOI) will contribute a sum of Rs. 1,000 to each eligible NPS subscriber who contributes a minimum of Rs. 1,000 and maximum Rs. 12,000 per annum under the Swavalamban Scheme

How much Target Has been Set by Government of india?

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  • The Government has targeted to cover around 10 lakh subscribers each during the 4 years of the Scheme, totaling to around 40 lakh subscribers.

When Was Swavalamban scheme was Launched in India?

  • The Swavalamban Scheme has been launched on 26.09.2010 and workers of unorganized sector from any part of the country can join this Scheme.

Which Agency is Authorised for implementing this scheme?

  • The Interim Pension Fund Regulatory and Development Authority (PFRDA) has been mandated by the Government to implement the Swavalamban Scheme all over the country.