New Pension System for low income group in Assam

The Swavalamban Pension Scheme for all citizens of low income group in Assam will be implemented by the government in a phased manner beginning from the Social Welfare Department for Anganwadi workers, official sources said today.

Under the scheme, a subscriber with a minimum contribution of Rs 1000 yearly will get Rs 1000 contribution from the government and the fund required for this will be provided by the central government, the sources said.

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, they said.

New Pension Scheme (NPS) is extended by the central government to all citizens from the weaker and economically disadvantaged sections with limited investment potential under the Swavalamban Scheme for those who are not covered by any other Pension Scheme.

The state government had introduced NPS from February 1, 2005 for the new entrants in the state government service replacing the old Pension Scheme, the sources said.