Assam launches pension scheme for poor and unorganized sector workers

Assam has become the fifth state in the country to launch the pension scheme named 'Swavalamban' for the low-income group and unorganised sector.

People in the age group of 18-60 would be able to avail the benefits of the new pension scheme.

While launching the pension scheme, Assam chief minister Tarun Gogoi said the 'Swavalamban' scheme was aimed at uplifting the economic status of the poor and those from the unorganised sector who lack any social security.

"Manual labourers, workers from the unorganised sector, tea garden labourers, Aasha and Anganwadi wokers, rickshaw and hand -cart pullers, farmers, etc are those at whom the 'Swavalamban' scheme is aimed at," said Gogoi.

Under the scheme, a subscriber can contribute a minimum of Rs 1,000 and maximum Rs 12,000 annually and a sum of Rs 1,000 would also be contributed by both the state government and the central government, said Gogoi. When the subscriber attains the age of 60, the subscriber would receive 60 per cent of his savings at one go and the rest 40 per cent would be paid to him on monthly basis.

"This new pension scheme for the poor and the unorganised workers is going to benefit lakhs from Assam and would act as a harbinger of a revolution," said Gogoi.

The facility for investment of the pension fund of the individual subscriber would be provided by the Pension Fund Regulatory and Development Authority (PFRDA) through different Pension Fund Managers.

Regional rural bank, Assam Gramin Vikash Bank (AGVB), would act as the aggregator in this pension scheme. The role of AGVB will be of facilitation of service to all subscribers in registration, collection, fund investment and grievance redress with support of National Securities Depository Limited (NSDL).

All subscribers have to submit registration forms with identity proof to AGVB for enrolment in the system and they can get a Permanent Retirement Account Number (PRAN) from NSDL.