Swavalamban Pran Card

Issuing PRAN Card For National Pension System For India

Plan For Retirement

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What Is NPS Pension Scheme India

NPS CRA Provides Swavalambana Pensions For All...

Govt. of India’s Swavalamban Scheme

Special focus towards Economically Disadvantaged and Unorganized Sector

PRAN Card – Permanent Retirement Account Number

A Pension provides people with a Monthly Income when they are no longer Earning.

Friday, 19 June 2015

Atal Pension Yojana (APY) is a National Pension Scheme (NPS) Rules and FAQs

Atal Pension Yojana (APY) – Scheme Details

The Government of India is extremely concerned about the old age income security of the working poor and is focused on encouraging and enabling them to join the National Pension System (NPS). To address the longevity risks among the workers in unorganised sector and to encourage the workers in unorganised sector to voluntarily save for their retirement, who constitute 88% of the total labour force of 47.29 crore as per the 66th Round of NSSO Survey of 2011-12, but do not have any formal pension provision, the Government had started the Swavalamban Scheme in 2010-11. However, coverage under Swavalamban Scheme is inadequate mainly due to lack of guaranteed pension benefits at the age of 60 therefore, announced a new initiative called Atal Pension Yojana with guaranteed pension benefits. The new scheme is scheduled for launch on 1st June 2015. The Scheme is designed to convert the pension less society into pensioned society.

  1.      The APY will be applicable on all citizens of the country in the unorganised sector and the scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) through NPS. An income tax payer or who is covered under statutory social security schemes can also join APY but those subscribers will not be eligible for GoI co- contribution.
  2.      The Statutory Social Security Schemes not eligible for receiving Government Co- contribution under APY are as mentioned below:
  •      Employees’ Provident Fund and Miscellaneous Provisions Act,1952
  •      The Coal Mines Provident Fund and Miscellaneous Provisions Act,1948
  •      The Seamen’s Provident Fund Act, 1966
  •      The Assam Tea Plantations Provident Fund and Pension Fund Scheme Act ,1955
  •      The Jammu and Kashmir Employees’ Provident Fund Act, 1961.

  1.         Under the APY, subscribers would receive a fixed monthly pension of Rs. 1000 , Rs. 2000, Rs. 3000 , Rs. 4000 , Rs. 5000 at the age of 60 years, depending on their contributions, which itself would vary according to the age of joining the scheme. The minimum age of joining APY is 18 years and maximum age is 40 years. Therefore, minimum period of contribution by any subscriber under APY would be 20 years or more.
  2.      The APY will be applicable to all persons in the unorganised sector, who are not a part of any statutory social security schemes, subject to the condition that the benefit of Central Government Co-Contribution of 50 % of the subscriber contribution or Rs 1000 per annum, whichever is less, would be available to the subscribers for a period of 5 years, i.e from 2015-16 to 2019-20, who joins the NPS before 31st December, 2015 and who are not income tax payers. The existing Swavalamban subscriber, if eligible, may be automatically migrated to APY with an option to opt out.
  3. However, the benefit of five years of government Co- contribution under APY would not exceed 5 years for all subscribers. This would imply that if, as a Swavalamban beneficiary, he has received the benefit of government Co-Contribution of 1 year, then the Government co-contribution under APY would be available only 4 years and so on. Existing Swavalamban beneficiaries opting out from the proposed APY will be given Government co-contribution till 2016-17, if eligible, and the NPS Swavalamban continued till such people attained the age of exit under that scheme.
  4.      The existing Swavalamban subscribers between 18-40 years will be automatically migrated to APY. For seamless migration to the new scheme, the associated aggregator will facilitate those subscribers for completing the process of migration. Those subscribers may also approach the nearest authorised bank branch for shifting their Swavalamban account into APY with PRAN details.
  5.      The Swavalamban subscribers who are beyond the age of 40 and do not wish to continue may opt out the Swavalamban scheme by complete withdrawal of entire amount in lump sum, or may prefer to continue till 60 years to be eligible for annuities there under.
  6.      The prospective subscribers wish to join the scheme will have option to join the NPS as an individual as per the existing arrangements through Point of Presence (PoP) or through Aggregator, the applicant should have Aadhar and valid mobile number. Aadhar and mobile numbers are pre requisites for becoming part of APY. The prospective subscribers may also join the scheme without Aadhar but it should be submitted subsequently.
  7.      For joining the scheme, the prospective applicant should have a bank account or open an account. The bank account is to have facility of auto debit for enabling standing instructions to transfer the contributions on periodical basis, this will lead to reduction in contribution collection charges. The subscribers should keep the required balance in their savings bank accounts on the stipulated due dates to avoid any late payment penalty. Due dates for monthly contribution payment is arrived based on the deposit of first contribution amount. In case of repeated defaults for specified period, the account is liable for foreclosure and the GoI co-contributions, if any shall be forfeited. Also any false declaration about his/her eligibility for benefits under this scheme for whatsoever reason, the entire government contribution shall be forfeited along with the penal interest.
  8.      Under APY, the individual subscribers shall have an option to make the contribution on a monthly basis. Banks are required to collect additional amount for delayed payments, such amount will vary from minimum Re 1 per month to Rs 10/- per month as shown below:
  •      Re. 1 per month for contribution upto Rs. 100 per month.
  •      Re. 2 per month for contribution upto Rs. 101 to 500/- per month.
  •      Re 5 per month for contribution between Rs 501/- to 1000/- per month. iv. Rs 10 per month for    contribution beyond Rs 1001/- per month.
     9.       The fixed amount of interest/penalty will remain as part of the pension corpus of the subscriber.

    Operation of additional amount for delayed payments:
  1.         APY module will raise demand on the due date and continue to raise demand till the amount is recovered from the subscriber’s account.
  2.         The due date for recovery of monthly contribution may be treated as the first day /or any other day during the calendar month for each subscriber. Bank can recover amount any day till the last day of the month. It will imply that contribution are recovered as and when funds are available any point during the month.
  3.         Monthly contribution will be recovered on FIFO basis- earliest due instalment will recovered first along with the fixed amount of charges as mentioned above.
  4.         More than one monthly contribution can be recovered in month subject to availability of the funds. Monthly contribution will be recovered along with the monthly fixed due amount, if any. In all cases, the contribution to be recovered along with the fixed charges. This will be banks’ internal process. The due amount will be recovered as an when funds are available in the account.
  5.      The banks should ensure transfer the accumulated contributions under APY on the second day to the Trustee Bank which will in turn transfer the amount for further investment as per existing PFRDA regulations applicable for Trustee Bank.
  6.      All bank branches of Public/Private under CBS will be sourcing APY accounts and the banks will be adequately compensated for mobilization of eligible accounts as an incentive.
  7.      The banks may employ BCs/Existing non – banking aggregators, micro insurance agents, and mutual fund agents as enablers for operational activities. The banks may share the incentives received by them from PFRDA/GoI as deemed appropriate.
  8.      The subscribers shall submit the required application to the bank for enrolling under APY along with the required monthly contribution amount for the monthly guaranteed pension which is opted for.
  9.      The subscribers of APY, if they subsequently become part of any social statutory schemes, should inform the bank and opt out of the scheme with immediate effect. Those subscribers may also transfer APY account into other variants of NPS as per terms/conditions stipulated for the respective scheme. If they have decided to exit from the scheme, the GoI co-contribution shall be forfeited and own contribution will be refunded.
  10.      The amount collected under APY are managed by Pension Funds appointed by PFRDA as per the investment pattern specified by GoI. The subscriber has no option to choose either the investment pattern or Pension Fund.
  11.      APY scheme provides guaranteed pension for the subscriber and to the spouse with return of corpus to the nominees. Hence, the spouse details and nominee details are to be captured while sourcing the accounts, or to be updated as per requirement, along with their Aadhar to obviate any dispute regarding pension entitlements.
  12.      The subscribers are required to opt for a pension from Rs 1000- Rs5000 as per the chart and ensure payment of stipulated monthly contribution regularly. The subscribers can opt to decrease or increase pension amount during the course of accumulation phase. However, the switching option shall be provided once in year during the month of April.
  13.      Detailed APY contribution chart for different age level shall be supplied by PFRDA to all the banks for reference.
  14.      Each subscriber will be provided with an acknowledgement slip after joining APY which would invariably record the guaranteed pension amount, due date of contribution payment, PRAN etc. In case of defaulted payment for a month, the overdue amount will be recovered in the subsequent months along with penalty. For any gap in contribution subscriber can rejoin only with the pending contribution and the penal rate of interest /penalty.
  15.      Upon completion of 60 years, the subscribers will submit the request to the associated bank for drawing the guaranteed pension.
  16.      APY accounts opened from 1/6/2015 – 31/12/2015 are eligible for GoI co-contribution at the rate of 50% of the subscriber contribution amount with a cap of Rs 1000 per annum. However the scheme will continue after this date but Govt. Co-contribution will not be available. The GoI co-contribution is payable to eligible PRANs by PFRDA after receiving the confirmation from Central Record Keeping Agency at such periodicity as may be decided by PFRDA.
  17.      Periodical information to the subscribers regarding balance in the account, contribution credits etc. will be intimated to APY subscribers by way of SMS alerts. The subscribers will have the option to change the non – financial details like nominee’s name, address, phone number etc whenever required.
  18.      All subscribers under APY remain connected on their mobile so that timely SMS alerts can be provided to them at the time of making their subscription, auto-debit of their accounts and the balance in their accounts.
  19.      All banks to be registered with PFRDA and all their branches to act as the Points of Presence/collection directly from the subscribers or indirectly through the BCs including the NBFCs, MFIs and individuals to be appointed as BCs by the banks.
  20.      Banks will have the choice of uploading the data/information from individual branches or from their nodal centres depending on the nature of connectivity with the CRA with due regard to ease of operations.
  21.      Since APY is based on defined benefits, the Government co-contribution under APY, the gap funding incase of any deficit in the pension corpus of subscriber in granting fixed pension and promotional and development expenditure will be funded by grants from Government of India. Actuarial valuation shall be conducted on every 2-3 year to arrive at any gap may be fully provided for.
  22.      PFRDA may permit members of an existing non statutory social security scheme to migrate to NPS under such terms and condition as may be approved by the Government.

Sunday, 14 June 2015

Atal Pension Yojana to boost New Pension System corpus by Rs 50K crore

MUMBAI: Pension fund regulator PFRDA is hopeful of increasing the corpus of New Pension System (NPS) by Rs 40,000-50,000 crore by the fiscal-end, driven by subscription to a newly launched social security scheme.

The Centre has launched Atal Pension Yojana (APY) targeted at people in the unorganised sector who wish to join NPS and are not a member of any other social security plan.

Assets under management (AUM) of NPS currently stands at around Rs 89,000 crore. The NPS corpus grew by 38 per cent over 2013-14 to around Rs 25,000 crore in 2014-15.

"We expect the AUM of NPS to grow by Rs 40,000-50,000 crore by the fiscal-end, which will be driven by the newly launched social security scheme Atal Pension Yojana," Pension Fund Regulatory and Development Authority (PFRDA) Chairman Hemant Contractor said this evening.

"Right now we have around 85 lakh accounts under NPS of which 17-18 lakh accounts were opened last year. The last one year's return for NPS was around 11.5 per cent," he told reporters on the sidelines of an event at BSE here.

Three social security schemes, including APY, were launched by Prime Minister Narendra Modi in Kolkata in May.

However, unlike two of them - Pradhan Mantri Jeewan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana - which have seen issuance of 10 crore insurance policies, APY has received lukewarm response (2.15 lakh accounts so far).

Elaborating on it, Contractor said, "We have been able to open 2.15 lakh accounts under APY within a period of 20 days since its launch."

Citing the reason for slow pace of subscription, he said, "Actually what happened was that the two insurance schemes were launched first and the Atal Pension Yojana was launched after 10 days.

"So, the initial momentum was towards the insurance schemes. And insurance, all said and done, is a simple product. In comparison to that, pension is a little expensive and also complicated product which needs to be explained to the customers," said Contractor, a former State Bank of India Managing Director.

"However, we are ambitious on APY now as we are hopeful of opening two crore accounts under the scheme by the fiscal-end," he said, adding "with all tax breaks (announced in the Budget 2015-16), we expect to get more NPS subscribers too."





http://economictimes.indiatimes.com/wealth/savings-centre/savings-news/pension-watchdog-eyes-atal-pension-yojana-to-boost-new-pension-system-corpus-by-rs-50k-crore/articleshow/47634048.cms


Wednesday, 10 June 2015

6.7 cr people enrolled under 3 social security schemes in india

Nearly seven crore people have been enrolled as on day under the three social security schemes launched by Prime Minister Narandra Modi.

Last week, Prime Minister Narendra Modi had launched three schemes -- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY).
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"They started in May 9 and today we are on. As of yesterday evening, PMSBY has reached 5.19 crore policies. In districts and countrysides it is a runaway success," Finance Minister Arun Jaitley told reporters.

PMSBY will offer a renewable one-year accidental death-cum-disability cover of Rs 2 lakh for partial/permanent disability to all savings bank account holders in the age group of 18-70 years for a premium of Rs 12 per annum per subscriber. The scheme is managed by general insurance firms.

Taking into account enrollment in other two schemes, the number has touched 6.7 crore.

The enrollment under the life insurance scheme PMJJBY handled by LIC has crossed 1.59 crore in 5 days, he said.

Under the pension scheme, APY as many as 70,000 people have joined, he added.

"Insurance social security schemes if they are a runaway success and if they have huge acceptability, then we are going to see how they can be strengthened in future," he added.

PMJJBY on the other hand will offer a renewable one year life cover of Rs 2 lakh to all savings bank account holders in the age group of 18-50 years, covering death due to any reason, for a premium of Rs 330 per annum per subscriber.

The scheme would be offered or administered through LIC or other Life Insurance companies willing to offer the product on similar terms on the choice of the bank concerned.

The pension scheme will focus on the unorganised sector and provide subscribers a fixed minimum pension of Rs 1,000, 2,000, 3,000, 4,000 or Rs 5,000 per month starting at the age of 60 years, depending on the contribution option exercised on entering at an age between 18 and 40 years.

The period of contribution by any subscriber under APY would be 20 years or more.

The fixed minimum pension would be guaranteed by the government.

http://www.business-standard.com/article/pti-stories/6-7-cr-people-enrolled-under-3-social-security-schemes-115051401232_1.html

Saturday, 9 May 2015

PM Modi to launch social security insurance, pension schemes on May 9

On the lines of Jan Dhan mega rollout, Prime Minister Narendra Modi will launch on May 9 social security insurance and pension schemes in Kolkata, while other ministers will unveil them in different cities.

"There would be simultaneous functions across various states with participations from chief ministers and cabinet ministers. It would be like Jan Dhan scheme launch so that we have maximum awareness in minimum time," Department of Financial Services Secretary Hasmukh Adhia told PTI.

"The enrolment for insurance and pension schemes would begin after Prime Minister launches them. However, the insurance cover would be enforced from June 1," he said.

As it will be linked to bank accounts, the premium would get auto debited, Adhia said.

These schemes, to be launched by Modi, are aimed at providing affordable universal access to essential social security protection in a convenient manner linked to auto- debit facility from the bank account of a subscriber, as per a Finance Ministry statement.

These schemes were announced in the Budget by Finance Minister Arun Jaitley on February 28.

The two insurance schemes -- Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) -- will provide insurance cover in case of death as well as death/disability due to an accident. The pension scheme, Atal Pension Yojana (APY), will address old age income security needs.

PMSBY will offer a renewable one year accidental death-cum -disability cover of Rs 2 lakh for partial/permanent disability to all savings bank account holders in the age group of 18-70 years for a premium of Rs 12 per annum per subscriber.

The scheme would be administered through Public Sector General Insurance Companies or other General Insurance companies willing to offer the product on similar terms on the choice of the bank concerned, it added.

PMJJBY on the other hand will offer a renewable one year life cover of Rs 2 lakh to all savings bank account holders in the age group of 18-50 years, covering death due to any reason, for a premium of Rs 330 per annum per subscriber.

The scheme would be offered or administered through LIC or other Life Insurance companies willing to offer the product on similar terms on the choice of the bank concerned.

The pension scheme will focus on the unorganised sector and provide subscribers a fixed minimum pension of Rs 1,000, 2,000, 3,000, 4,000 or Rs 5,000 per month starting at the age of 60 years, depending on the contribution option exercised on entering at an age between 18 and 40 years.

The period of contribution by any subscriber under APY would be 20 years or more.

The fixed minimum pension would be guaranteed by the government.

http://www.dnaindia.com/money/report-pm-modi-to-launch-social-security-insurance-pension-schemes-on-may-9-2082751


Sunday, 3 May 2015

Will turn Telangana into ‘golden state’, vows KCR

HYDERABAD: Telangana chief minister K Chandrasekhar Rao on Friday vowed to turn the newly-created Telangana into a 'golden state' by implementing more welfare and development schemes in the next four years.

Addressing the plenary of Telangana Rashtra Samiti here, he said the welfare of all weaker sections, who constitute an overwhelming majority of the state, was the objective of his government.

Rao reiterated that TRS will not seek votes in the next elections if it failed it supply drinking water to every household. He also promised to complete all pending irrigation projects in four years.

For Rao, who was re-elected as party president for the eight consecutive term, it was an event to stamp his authority on a party he founded 14 years ago. It was also an occasion for the chief minister to remind the central government of the promises it needs to keep to the youngest state in the country.

For the party leaders and cadre, it was an occasion to revisit their promises to the people, reaffirm their belief in the ruling party and return home at the end of the day with reinvigorated enthusiasm.

In one of the significant resolutions passed at the plenary, the party demanded that the Centre fulfill assurances made in the AP Reorganization Act 2014 for the Telangana state.

The party passed a resolution, moved by its MP A P Jitender Reddy, urging the Centre to come good on all its promises including setting up of a tribal university, AIIMS, horticulture university, an integrated steel plant in Khammam, rail coach factory and increasing the number of assembly seats to 153 from 119.

The day-long plenary passed 12 resolutions on various issues, hailing various development and welfare schemes launched by the government.

A resolution urged the central government to fulfil all promises made to Telangana at the time of bifurcation of Andhra Pradesh.

Through another resolution, the party vowed to develop Hyderabad as a world-class city. The chief minister said though the successive governments claimed to have developed the city, many areas lacked basic civic amenities.

Finance minister Etela Rajender proposed a resolution on current politics and TRS. He said with separate state now a reality, the goal now should be to create 'Bangaru Telangana' under Chandrasekhar Rao's leadership.

The other resolutions passed at the plenary included making the state power surplus by 2018, Haritha Haram, Telangana drinking water scheme (watergrid) and information technology, irrigation, Mission Kakatiya and schemes being implemented by the state such as Aasara pension, Kalyana Laxmi, Telangana martyrs welfare, and other welfare schemes.

Earlier in the day, home minister Nayani Narasimha Reddy, who supervised poll for the party president post, announced that KCR's was elected unopposed amid thunderous applause from the gathering.

"I am grateful to my colleagues for reposing faith in me and giving opportunity to lead the party for one more term. I thank one and all for the unanimous election," the chief minister told the plenary attended by over 50,000 party functionaries, senior leaders, ministers, MPs and other public representatives.

The TRS women's wing led by Nizamabad MP K Kavitha felicitated KCR by presenting him a 'Bathukamma'. Senior leaders made a beeline to congratulate him.

Addressing the plenary, Chandrasekhar Rao listed out his government's achievements in the past ten months and said his party would not seek votes in the next elections if it fails to fulfill the promises made during the last polls. He also called upon NRIs from Telangana to give away their land in the state so that it can be distributed to the landless dalits.

The chief minister said surmounting the power supply crisis was one his government's major achievements. "We have overcome the power crisis and the state is now free of power cuts," he said.

Referring to the angst of lakhs of unemployed youth in the state, he called upon them not to be disappointed as his government was planning to fill up on lakh vacancies in various government departments. Services of the contract employees would be regularized soon after the ongoing process of employees' distribution between Telangana and Andhra Pradesh gets over.

Articulating his plans for Hyderabad, KCR said his government was ready with a comprehensive plan to turn the state capital into a 'world-class' city. The metro rail project would be extended to the Shamshabad airport and cover outskirts like Ramchandrapuram and Ibrahimpatnam, the CM added.

http://timesofindia.indiatimes.com/india/Will-turn-Telangana-into-golden-state-vows-KCR/articleshow/47045091.cms

Rs 3,350 Cr for Pensions under Aasara, Says Telangana State CM

HYDERABAD: Chief Minister K Chandrasekhar Rao assured the State Assembly that all eligible people would be given pension under Aasara Pension Scheme.

“The government will spend Rs  3,350 crore every year on payment of pensions under the new scheme. This is 380 per cent increase over the previous years. In the past Rs 881.23 crore a year was spent by the erstwhile government”, the Chief Minister said.

In a statement in the Assembly, Chief Minister said in all the 10 districts, nearly 39,63,000 applications have been received for sanction of pensions and government officials have taken up verification of eligible persons for sanction of Aasara pensions.

The process of verification and sanction of fresh pensions is still in progress. So far 24,21,000 eligible beneficiaries have been identified for granting Aasara pensions. Rao asserted that his government’s aim was to extend this benefit to all the eligible people.

In view of increasing prices and cost of living, APS was conceived to provide security and help the aged and poor, he stated.

The government has also enhanced monthly pensions from Rs  200 to Rs  1,000 for old persons, widows, weavers, toddy tappers and AIDS patients while for physically challenged persons it has been increased from Rs  500 to Rs  1,500 a month.

Pension amounts given to different categories of beneficiaries would be the highest in Telangana when compared to other States. When the opposition parties demanded a detailed discussion on the pensions issue, Speaker S Madhusudan Chary said the issue would be taken up on Thursday.

http://www.newindianexpress.com/states/telangana/Rs-3350-Cr-for-Pensions-under-Aasara-Says-CM/2014/11/20/article2532442.ece


Tuesday, 21 April 2015

EPF-95 beneficiaries' pension faces cut

Pension received by the beneficiaries of the Employees Provident Scheme, 1995, has gone back from Rs 1,000 per month to Rs 50-Rs 800 from the commencement of the new financial year. This is due to the fact that the central government had decided to give the raised amount as pension only for 2014-15. The Centre has, however, directed the provident fund department not to process the pension of the beneficiaries till further orders are released.

"The provident fund office has been asked to withhold the calculation of pension to the beneficiaries till further notice. It is believed that the Government of India will soon revise its order on giving pension of Rs 1,000 per month to the beneficiaries of the scheme for this year as well. The Centre is likely to issue new orders to ensure that the pension remains Rs 1,000 per month," a senior official from the provident fund office said.

"We process the pensions on the 25th of every month. Accordingly, we will wait till the government decides to continue with last year's raise. We hope the orders to reach us latest by the 28th of the month, following which, pension may be made available by the 3rd of the next month," the official said.

The pensioners, however, have been demanding that their pension be revised to Rs 6,000 per month, along with the dearness allowance. "We have decided to agitate for rise in pension. We have urged the government to go by the recommendations of the Koshiari Committee, which had recommended a pension of Rs 3,000 per month along with the dearness allowance," said Prashant Deshmukh, general secretary of the federation of pensioners, district unit.

http://timesofindia.indiatimes.com/india/EPF-95-beneficiaries-pension-faces-cut/articleshow/46953185.cms

Monday, 20 April 2015

Dabur, RUDSETI launches Swavalamban to train village youth

NEW DELHI: Consumer products maker Dabur India, in association with Rural Development and Self-Employment Training Institute (RUDSETI), has announced the launch of an initiative aimed at improving the employability of youth from villages by providing free technical training and skill development.

The programme, Swavalamban, is aimed at providing not only training to rural youth in three key areas of sales, merchandising and promotion but also guaranteed employment after the training.

Announcing the launch of the social initiative on April 13, Dabur India's head-global human capital and CSR (corporate social responsibility), A Sudhakar said, "As a country, India will also have a strong surplus in working population (age 15-50) by 2020, which should help us maintain the momentum on this growth story. A significant portion of this demographic dividend lies in rural areas, which will be one of the important growth engines in future."

To leverage this advantage, it is imperative that companies focus on skill building and vocational training to make the youth employable in the organised sector, said Sudhakar.

The objective of this initiative is to identify the training needs of the rural youth, provide training through a well-planned and designed curriculum, engage youth in business process and contribute to nation building and economic development of the country, said the company's release.

Speaking on the occasion, KP Pant, director, RUDSETI-Ghaziabad, said, "Looking at the great demand for skilled personnel in the area of merchandising, sales and trade promotion in the area a new course has been developed in association with Dabur India, wherein we expect to train unemployed and unskilled youth. We are very optimistic that at the end of the intervention and after imbibing the requisite skills, these youth will be absorbed by the industry."

http://articles.economictimes.indiatimes.com/2015-04-13/news/61102941_1_rural-youth-dabur-india-demographic-dividend

A new pension scheme only for labourers

The Central Government has restructured its Swavalamban pension scheme for labourers in the unorganised sector. Auto and taxi drivers, construction workers, domestic helps etc can benefit from the scheme.

The new pension scheme, called Atal Pension Yojana, would be different from the existing Swavalamban pension and would come into effect from June 1. While the former pension scheme never gave an idea on how much one would receive as pension or how much one could earn, the new scheme offers a guaranteed income to members after they attain 60 years of age.

Nominee services are available and the nominee would get the full savings, along with pension, if the pension holder expires.

Those in the age group of 18 to 40 can join and the scheme is meant for those who do not receive gratuity, provident fund benefits etc. The accounts may be opened in banks that have been authorised to open them. The amount that one has to deposit would depend on how much one expects as pension and the years remaining to attain 60 years of age.

Details of the programme would be published soon. Those who have enrolled in the Swavalamban scheme can switch to the new plan easily.

As per the new scheme, 50 per cent of the amount that a member deposits in the plan annually would be matched by the government - up to a maximum of Rs 1,000 - for the first five years. This would be available for those who deposit at least Rs 2,000 a year. The annual rate of interest would be eight per cent.

A person 18 years of age has to deposit Rs 210 a month until he/she is 60 years of age to receive a monthly pension of Rs 5,000. Those who pay taxes cannot join the scheme and the scheme would be managed by the Pension Fund Regulatory Authority.

http://english.manoramaonline.com/business/news/a-new-pension-scheme-only-for-labourers.html

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