The objective of Swavalamban pension scheme is to provide regular income and security to Indian citizens from unorganized sector in their old age. PMJDY has created a new record as under this scheme maximum number of accounts were opened in a single given day. Most importantly PMJDY offers loads of benefits for poor section of India especially living in rural and remote areas where access to banking was a distant dream. Benefits Every year Indian Government will make a contribution of Rs. Post retirement account holder will receive regular pension.
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The APY is open to Indians aged between 18 and 40 years and has a minimum tenure of 20 years. Nearly 20 lakh subscribers have joined the scheme since its launch in June But this benefit will only go to subscribers who put in less than Rs 1, a year and those who join the scheme before 31 March Those with taxable income are also not eligible. Most subscribers to the APY are small-ticket investors. Its AUM of Rs crore is spread across In comparison, the NPS Lite, which benefited from the market rally since , has about Rs 1, crore lying in This will provide a level-playing field for the two pension schemes.
It will be a game-changer for NPS resulting in a substantial increase in the assets under management with more private subscribers coming on board," said a PFRDA official.
The pay panel also pitched for extension of co-contribution incentive by the government beyond 31 December to attract subscribers under Atal Pension Yojana The government has so far got over one million subscribers on board Currently, the EPF withdrawals after five years of completion of service are tax-exempt, while premature withdrawals before five years attracts tax ranging between 10 per cent and Of the over Rs1,00, crore assets under management of NPS, 90 per cent falls under the central and state government schemes.
Meanwhile, the APY scheme got over one million subscribers on board by December. Currently, eight pension fund managers manage private-sector funds and only three run by state-owned financial institutions are allowed to manage central and state government funds.
Swavalamban Pension Yojna is a part, a policy to take steps for the betterment of old people and give them an equal value of their service. Swavalamban Pension Yojna is a policy run by the government from the year under Congress government when Dr Manmohan Singh used to be the Prime Minister of India. Pension funds provide the security and also stability when people has no hard sustainable source of income. Retirement plans and pensions stop old people from losing their pride and living a poor life. According to United Nations, life expectancy at present time is 65 years whereas it will be 75 by the year , which results in the increase of post-retirement age by then. On January 1 On January 1st, , National Pension System was launched and its objective was to provide pension to every citizen of India.
Swavalamban scheme will merge with Atal Pension Yojana In , the UPA government announced a pension scheme directed at the unorganized sector of India and named it Swavalamban Yojana. In simple terms, Atal Pension is a social security scheme that gives monetary security to people working in different fields without the security of old age pension. Merge The merge is taking place because the Swavalamban scheme could not find enough acceptance among people. Registered beneficiaries of the Swavalamban Yojana from the age group of 18 to 40 will automatically get transferred to Atal Pension Yojana with an option to exit. Age 18 years is the minimum age of entering the APY, while 40 is the maximum age. However, the pension starts coming only after the individual reaches 60 years of age.