Pension Fund Regulatory and Development Authority (PFRDA) would launch a low-cost pension scheme on April 1 to provide social security cover to economically weaker sections like rickshaw pullers, barbers and daily-wage labourers.

“We will launch a low-cost pension scheme from April 1, 2010. Individuals can join the scheme as part of a self-help group,” an interim PFRDA official said. Under the new pension scheme, a subscriber will have to initially pay Rs 105 and after that Rs 70 every year for maintenance of account. For normal scheme, the joining and annual charges are Rs 470 and Rs 350 respectively. “Besides the initial payment, the account holder under the new scheme would have to pay Rs 35 to obtain Permanent Retirement Account Number (PRAN),” the official added.

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