Summaries and Analysis
- 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.