(a) the main features of the Swavalamban Yojana;
(b) whether the scheme has been approved;
(c) if so, the details thereof;
(d) the time by which the said scheme is likely to be implemented; and
(e) the likely Impact of the said scheme on the labourers?
MINISTER OF LABOUR AND EMPLOYMENT (SHRI MALLIKARJUN KHARGE)
(a)to (e): A Statement is laid on the Table of the House.
Statement referred to in reply to.part (a) to (e) of the Lok-Sabha Starred Question No. 88
by Shrimati Rama Devi for answer on 15.11.2010 regarding Swavalamban Yojana Scheme.
(a) to (e): To address the longevity risk of poorer sections of the country, the Union Finance
Minister has announced Swavalamban Scheme in the Union Budget 2010-11. Under the Swavalamban,
the Government of India shall contribute a sum of Rs. 1,000 to each subscriber account of the
New Pension System (NPS) during the current year and the next three years provided the
subscriber contributes any amount between Rs. 1,000 to Its. 12,000 per annum. The Government
has targeted to cover ten lakh subscribers each in the four years beginning 2010-11,
bringing the total number of subscribers to 40 lakhs by March, 2014. The Operational
Guidelines on Swavalamban Scheme have been approved and released which, inteir-alia,
provide the applicability, benefits, definitions of the un-organised sector, eligibility,
funding, operation etc. of the Scheme. The Pension Fund Regulatory and Development
Authority (PFRDA) has placed these Guidelines in public domain on its website
http://www.pfrda.org.in . The Government has launched tlfie Scheme on 26.09.2010 and
the same will be implemented by the PFRDA. PFRDA has appointed various agencies all
over the country, such as, Financial Sector entities, Government entities, Civil
Society organizations, etc. for enrolment of subscribers and contribution collection
under the Swavalamban Scheme. A higher level of enrolments under the Scheme will ensure
old age income security for such subscribers in their post-retirement phase.