New pension scheme for low-income workers to be launched Sunday
September 25th, 2010 - 8:01 pm ICT by IANS
New Delhi, Sep 25 (IANS) A new pension scheme for low-income workers in the unorganised sector, for which the government will grant an incentive of Rs.1,000 annually, will be launched in West Bengal Sunday.
Finance Minister Pranab Mukherjee will formally launch the new scheme, called Swavalamban (self-reliance) Scheme, in the state’s Murshidabad district, an official statement said Saturday.
“The scheme is applicable to all citizens in the unorganised sector who join the New Pension Scheme (NPS) subject to their meeting the eligibility criteria,” the statement said.
In his budget speech this year, Mukherjee said the government would contribute Rs.1,000 annually to each NPS account opened in 2010-11 and for the next three financial years - 2011-12, 2012-13 and 2013-14.
The scheme, which will function under the Life Insurance Corporation (LIC), will be funded by grants from the central government. The operational guidelines of the scheme have already been approved.
To be eligible for the scheme, a person will have to make a minimum contribution of Rs.1,000 and maximum contribution of Rs.12,000 per year.
- 7 mn unorganised sector workers to get pensions - Apr 12, 2012
- Cabinet approves implementation of Swavalamban Scheme - Aug 09, 2010
- Old age security scheme for informal sector workers - Aug 09, 2010
- Budget allocates Rs.100 crore to New Pension Scheme - Feb 26, 2010
- National Social Security Fund to be set up for unorganized sector workers - Feb 26, 2010
- Cabinet okays Rs.1,000 crore fund for unorganised workers - Jul 28, 2011
- Food security bill near ready, hike in social sector spending - Feb 28, 2011
- Exit norms of the pension scheme "Swavalamban" will be relaxed - Feb 28, 2011
- Budget trendsetting for rural sector: Ramesh - Mar 16, 2012
- Allocation for agriculture up 18 percent - Mar 16, 2012
- Prominent highlights of 2012-13 budget - Mar 16, 2012
- Now, workers in unorganised sector under health insurance scheme - Jan 12, 2012
- Cabinet approves National Electricity Fund (Lead) - Dec 13, 2011
- Tripura raises employees' retirement age - Feb 28, 2012
- Life insurers to save, policyholders to benefit - Feb 26, 2010
Tags: budget speech, central government, citizens, eligibility criteria, finance minister, grants, insurance, life insurance corporation, maximum contribution, murshidabad district, New Delhi, operational guidelines, pension scheme, pranab mukherjee, rs 1, self reliance, unorganised sector, west bengal