Swavalamban Scheme

  • Swavalamban Yojana seeks to provide pension scheme to the unorganised sector in India
  • It was announced by the Finance Minister in Budget 2010-11
  • It will be applicable to all citizens in the unorganised sector who join the New Pension System (NPS) administered by the Interim Pension Fund Regulatory and Development Authority (PFRDA)
  • It is a co-contributory system, with the government making a deposit for three years along with the beneficiary.
  • Finance Ministry is considering the proposal to extend the government grant period from three to five years.
  • PFRDA has pitched for it saying that pension is a long term product and central contributions would promote savings by low income groups.

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