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A Pension provides people with a Monthly Income when they are no longer Earning.

Saturday, 9 May 2015

PM Modi to launch social security insurance, pension schemes on May 9

On the lines of Jan Dhan mega rollout, Prime Minister Narendra Modi will launch on May 9 social security insurance and pension schemes in Kolkata, while other ministers will unveil them in different cities.

"There would be simultaneous functions across various states with participations from chief ministers and cabinet ministers. It would be like Jan Dhan scheme launch so that we have maximum awareness in minimum time," Department of Financial Services Secretary Hasmukh Adhia told PTI.

"The enrolment for insurance and pension schemes would begin after Prime Minister launches them. However, the insurance cover would be enforced from June 1," he said.

As it will be linked to bank accounts, the premium would get auto debited, Adhia said.

These schemes, to be launched by Modi, are aimed at providing affordable universal access to essential social security protection in a convenient manner linked to auto- debit facility from the bank account of a subscriber, as per a Finance Ministry statement.

These schemes were announced in the Budget by Finance Minister Arun Jaitley on February 28.

The two insurance schemes -- Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) -- will provide insurance cover in case of death as well as death/disability due to an accident. The pension scheme, Atal Pension Yojana (APY), will address old age income security needs.

PMSBY will offer a renewable one year accidental death-cum -disability cover of Rs 2 lakh for partial/permanent disability to all savings bank account holders in the age group of 18-70 years for a premium of Rs 12 per annum per subscriber.

The scheme would be administered through Public Sector General Insurance Companies or other General Insurance companies willing to offer the product on similar terms on the choice of the bank concerned, it added.

PMJJBY on the other hand will offer a renewable one year life cover of Rs 2 lakh to all savings bank account holders in the age group of 18-50 years, covering death due to any reason, for a premium of Rs 330 per annum per subscriber.

The scheme would be offered or administered through LIC or other Life Insurance companies willing to offer the product on similar terms on the choice of the bank concerned.

The pension scheme will focus on the unorganised sector and provide subscribers a fixed minimum pension of Rs 1,000, 2,000, 3,000, 4,000 or Rs 5,000 per month starting at the age of 60 years, depending on the contribution option exercised on entering at an age between 18 and 40 years.

The period of contribution by any subscriber under APY would be 20 years or more.

The fixed minimum pension would be guaranteed by the government.

http://www.dnaindia.com/money/report-pm-modi-to-launch-social-security-insurance-pension-schemes-on-may-9-2082751


Sunday, 3 May 2015

Will turn Telangana into ‘golden state’, vows KCR

HYDERABAD: Telangana chief minister K Chandrasekhar Rao on Friday vowed to turn the newly-created Telangana into a 'golden state' by implementing more welfare and development schemes in the next four years.

Addressing the plenary of Telangana Rashtra Samiti here, he said the welfare of all weaker sections, who constitute an overwhelming majority of the state, was the objective of his government.

Rao reiterated that TRS will not seek votes in the next elections if it failed it supply drinking water to every household. He also promised to complete all pending irrigation projects in four years.

For Rao, who was re-elected as party president for the eight consecutive term, it was an event to stamp his authority on a party he founded 14 years ago. It was also an occasion for the chief minister to remind the central government of the promises it needs to keep to the youngest state in the country.

For the party leaders and cadre, it was an occasion to revisit their promises to the people, reaffirm their belief in the ruling party and return home at the end of the day with reinvigorated enthusiasm.

In one of the significant resolutions passed at the plenary, the party demanded that the Centre fulfill assurances made in the AP Reorganization Act 2014 for the Telangana state.

The party passed a resolution, moved by its MP A P Jitender Reddy, urging the Centre to come good on all its promises including setting up of a tribal university, AIIMS, horticulture university, an integrated steel plant in Khammam, rail coach factory and increasing the number of assembly seats to 153 from 119.

The day-long plenary passed 12 resolutions on various issues, hailing various development and welfare schemes launched by the government.

A resolution urged the central government to fulfil all promises made to Telangana at the time of bifurcation of Andhra Pradesh.

Through another resolution, the party vowed to develop Hyderabad as a world-class city. The chief minister said though the successive governments claimed to have developed the city, many areas lacked basic civic amenities.

Finance minister Etela Rajender proposed a resolution on current politics and TRS. He said with separate state now a reality, the goal now should be to create 'Bangaru Telangana' under Chandrasekhar Rao's leadership.

The other resolutions passed at the plenary included making the state power surplus by 2018, Haritha Haram, Telangana drinking water scheme (watergrid) and information technology, irrigation, Mission Kakatiya and schemes being implemented by the state such as Aasara pension, Kalyana Laxmi, Telangana martyrs welfare, and other welfare schemes.

Earlier in the day, home minister Nayani Narasimha Reddy, who supervised poll for the party president post, announced that KCR's was elected unopposed amid thunderous applause from the gathering.

"I am grateful to my colleagues for reposing faith in me and giving opportunity to lead the party for one more term. I thank one and all for the unanimous election," the chief minister told the plenary attended by over 50,000 party functionaries, senior leaders, ministers, MPs and other public representatives.

The TRS women's wing led by Nizamabad MP K Kavitha felicitated KCR by presenting him a 'Bathukamma'. Senior leaders made a beeline to congratulate him.

Addressing the plenary, Chandrasekhar Rao listed out his government's achievements in the past ten months and said his party would not seek votes in the next elections if it fails to fulfill the promises made during the last polls. He also called upon NRIs from Telangana to give away their land in the state so that it can be distributed to the landless dalits.

The chief minister said surmounting the power supply crisis was one his government's major achievements. "We have overcome the power crisis and the state is now free of power cuts," he said.

Referring to the angst of lakhs of unemployed youth in the state, he called upon them not to be disappointed as his government was planning to fill up on lakh vacancies in various government departments. Services of the contract employees would be regularized soon after the ongoing process of employees' distribution between Telangana and Andhra Pradesh gets over.

Articulating his plans for Hyderabad, KCR said his government was ready with a comprehensive plan to turn the state capital into a 'world-class' city. The metro rail project would be extended to the Shamshabad airport and cover outskirts like Ramchandrapuram and Ibrahimpatnam, the CM added.

http://timesofindia.indiatimes.com/india/Will-turn-Telangana-into-golden-state-vows-KCR/articleshow/47045091.cms

Rs 3,350 Cr for Pensions under Aasara, Says Telangana State CM

HYDERABAD: Chief Minister K Chandrasekhar Rao assured the State Assembly that all eligible people would be given pension under Aasara Pension Scheme.

“The government will spend Rs  3,350 crore every year on payment of pensions under the new scheme. This is 380 per cent increase over the previous years. In the past Rs 881.23 crore a year was spent by the erstwhile government”, the Chief Minister said.

In a statement in the Assembly, Chief Minister said in all the 10 districts, nearly 39,63,000 applications have been received for sanction of pensions and government officials have taken up verification of eligible persons for sanction of Aasara pensions.

The process of verification and sanction of fresh pensions is still in progress. So far 24,21,000 eligible beneficiaries have been identified for granting Aasara pensions. Rao asserted that his government’s aim was to extend this benefit to all the eligible people.

In view of increasing prices and cost of living, APS was conceived to provide security and help the aged and poor, he stated.

The government has also enhanced monthly pensions from Rs  200 to Rs  1,000 for old persons, widows, weavers, toddy tappers and AIDS patients while for physically challenged persons it has been increased from Rs  500 to Rs  1,500 a month.

Pension amounts given to different categories of beneficiaries would be the highest in Telangana when compared to other States. When the opposition parties demanded a detailed discussion on the pensions issue, Speaker S Madhusudan Chary said the issue would be taken up on Thursday.

http://www.newindianexpress.com/states/telangana/Rs-3350-Cr-for-Pensions-under-Aasara-Says-CM/2014/11/20/article2532442.ece


Tuesday, 21 April 2015

EPF-95 beneficiaries' pension faces cut

Pension received by the beneficiaries of the Employees Provident Scheme, 1995, has gone back from Rs 1,000 per month to Rs 50-Rs 800 from the commencement of the new financial year. This is due to the fact that the central government had decided to give the raised amount as pension only for 2014-15. The Centre has, however, directed the provident fund department not to process the pension of the beneficiaries till further orders are released.

"The provident fund office has been asked to withhold the calculation of pension to the beneficiaries till further notice. It is believed that the Government of India will soon revise its order on giving pension of Rs 1,000 per month to the beneficiaries of the scheme for this year as well. The Centre is likely to issue new orders to ensure that the pension remains Rs 1,000 per month," a senior official from the provident fund office said.

"We process the pensions on the 25th of every month. Accordingly, we will wait till the government decides to continue with last year's raise. We hope the orders to reach us latest by the 28th of the month, following which, pension may be made available by the 3rd of the next month," the official said.

The pensioners, however, have been demanding that their pension be revised to Rs 6,000 per month, along with the dearness allowance. "We have decided to agitate for rise in pension. We have urged the government to go by the recommendations of the Koshiari Committee, which had recommended a pension of Rs 3,000 per month along with the dearness allowance," said Prashant Deshmukh, general secretary of the federation of pensioners, district unit.

http://timesofindia.indiatimes.com/india/EPF-95-beneficiaries-pension-faces-cut/articleshow/46953185.cms

Monday, 20 April 2015

Dabur, RUDSETI launches Swavalamban to train village youth

NEW DELHI: Consumer products maker Dabur India, in association with Rural Development and Self-Employment Training Institute (RUDSETI), has announced the launch of an initiative aimed at improving the employability of youth from villages by providing free technical training and skill development.

The programme, Swavalamban, is aimed at providing not only training to rural youth in three key areas of sales, merchandising and promotion but also guaranteed employment after the training.

Announcing the launch of the social initiative on April 13, Dabur India's head-global human capital and CSR (corporate social responsibility), A Sudhakar said, "As a country, India will also have a strong surplus in working population (age 15-50) by 2020, which should help us maintain the momentum on this growth story. A significant portion of this demographic dividend lies in rural areas, which will be one of the important growth engines in future."

To leverage this advantage, it is imperative that companies focus on skill building and vocational training to make the youth employable in the organised sector, said Sudhakar.

The objective of this initiative is to identify the training needs of the rural youth, provide training through a well-planned and designed curriculum, engage youth in business process and contribute to nation building and economic development of the country, said the company's release.

Speaking on the occasion, KP Pant, director, RUDSETI-Ghaziabad, said, "Looking at the great demand for skilled personnel in the area of merchandising, sales and trade promotion in the area a new course has been developed in association with Dabur India, wherein we expect to train unemployed and unskilled youth. We are very optimistic that at the end of the intervention and after imbibing the requisite skills, these youth will be absorbed by the industry."

http://articles.economictimes.indiatimes.com/2015-04-13/news/61102941_1_rural-youth-dabur-india-demographic-dividend

A new pension scheme only for labourers

The Central Government has restructured its Swavalamban pension scheme for labourers in the unorganised sector. Auto and taxi drivers, construction workers, domestic helps etc can benefit from the scheme.

The new pension scheme, called Atal Pension Yojana, would be different from the existing Swavalamban pension and would come into effect from June 1. While the former pension scheme never gave an idea on how much one would receive as pension or how much one could earn, the new scheme offers a guaranteed income to members after they attain 60 years of age.

Nominee services are available and the nominee would get the full savings, along with pension, if the pension holder expires.

Those in the age group of 18 to 40 can join and the scheme is meant for those who do not receive gratuity, provident fund benefits etc. The accounts may be opened in banks that have been authorised to open them. The amount that one has to deposit would depend on how much one expects as pension and the years remaining to attain 60 years of age.

Details of the programme would be published soon. Those who have enrolled in the Swavalamban scheme can switch to the new plan easily.

As per the new scheme, 50 per cent of the amount that a member deposits in the plan annually would be matched by the government - up to a maximum of Rs 1,000 - for the first five years. This would be available for those who deposit at least Rs 2,000 a year. The annual rate of interest would be eight per cent.

A person 18 years of age has to deposit Rs 210 a month until he/she is 60 years of age to receive a monthly pension of Rs 5,000. Those who pay taxes cannot join the scheme and the scheme would be managed by the Pension Fund Regulatory Authority.

http://english.manoramaonline.com/business/news/a-new-pension-scheme-only-for-labourers.html

Thursday, 16 April 2015

Under Atal Pension Yojana, govt to guarantee up to Rs 5,000 cover

The government will give guaranteed pension of up to Rs 5,000 a month to subscribers under the proposed Atal Pension Yojana and will also allow members of the NPS Swavalamban to migrate to the new scheme.

“There will be five guaranteed pensions and subscribers can opt to join any of these schemes. At the age of 60, when the plan matures, a person opting for the scheme will get a guaranteed return,” said Hemant Contractor, chairman of the Pension Fund Regulatory and Development Authority (PFRDA).

The schemes would give a minimum monthly pension of Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000 and Rs 5,000, he added.

Contributions would vary from as little as Rs 48 a month for a Rs 1,000 pension to Rs 248 a month for a pension of Rs 5,000 per month. Individuals between the age of 20 years and 40 years of age with operational bank accounts would be eligible.

The plan to launch the Atal Pension Yojana was announced by finance minister Arun Jaitley in the Union Budget 2015-16. “We will also launch the Atal Pension Yojana, which will provide a defined pension, depending on the contribution, and its period,” he had announced on February 28.

Under the scheme, the government will contribute 50 per cent of the beneficiaries’ premium limited to Rs 1,000 each year, for five years, in the new accounts opened before December 31, 2015. Investments under the proposed scheme would be done on the guidelines of the new investment pattern for pension funds that will be notified from April 1 this year. It is estimated to give a return of at least 8 per cent per year.

To subscribe to the scheme, workers would be expected to have an operational bank account and banks would be the points of presence or aggregators for the scheme. The proposed Atal Pension Yojana will be one of the key issues to be taken up when the finance minister meets public sector banks on Wednesday. Additionally, the 36 lakh subscribers under the existing NPS Swavalamban would have an option to migrate to the scheme. “But unlike the proposed Atal Pension Yojana, the Swavalamban does not provide a minimum guaranteed pension,” Contractor told The Indian Express.

Under the Swavalamban, aimed at unorganised sector workers, the government contributes Rs 1,000 every year for a period of five years who opened accounts between 2010-11 and 2012-13.

http://www.financialexpress.com/article/personal-finance/under-atal-pension-yojana-govt-to-guarantee-up-to-r5000-cover/52319/

PFRDA chief eyes 20% coverage of the poor by FY18

Pension fund regulator PFRDA today said it aims at increasing pension coverage for the deprived section to 15-20 per cent over the next few years.

“Today pension coverage in the unorganised sector is a poor 3-4 per cent and we want to take it to 15-20 per cent in the next two-three years,” Pension Fund Regulatory and Development Authority (PFRDA) Chairman Hemant Contractor told reporters on the sidelines of an event here.

He said the Swavalamban scheme, which is a part of the Jan Dhan Yojana, is likely to bring in more people from the vulnerable sections under the ambit of formal pension system.

Swavalamban is a government’s initiative wherein it co-contributes Rs 1,000 per annum to all eligible pension accounts.

“The Swavalamban scheme will be included in the second phase of the financial inclusion drive .. after this we should be able to see much faster growth in coverage for the unorganised sector,” Contractor said, adding so far, around 36-37 lakh subscribers have opened accounts under the Swavalmban scheme.

He also has asked the government to continue with its contribution of Rs 1,000 for a longer period.

“In the Swavalamban scheme, the government makes a co-contribution of Rs 1,000 and it is valid till 2016-17. So, we have made a request that they should continue (to make investment) for next 20-25 years,” Contractor said.

He said total pension corpus stands at Rs 80,000 crore currently and it can increase further given the large section of the public still uncovered.

To a query over the possibility of merging the two retirement savings-the Employee Provident Fund (EPF) and New Pension Scheme (NPS), he said there is no such proposal.

The regulator is widening the scope and the coverage of the instruments that could be included for investment under the corporate bonds portfolio, he said adding, “I don’t see any appetite for corporate bonds diminishing going forward.”

PFRDA has asked the government to change tax status given to pension scheme and make it at par with EPFO and PPF.

“We currently have a EET (exempt exempt taxed) status and we have asked for a EEE (exempt, exempt, exempt) status like EPF and PPF accounts enjoy. The government is examining it,” Contractor said.

http://www.financialexpress.com/article/personal-finance/pfrda-chief-eyes-20-coverage-of-the-poor-by-fy18/33230/

Tuesday, 14 April 2015

Govt employees may get to choose their fund managers in NPS

 New Delhi, April 13: 

Pension regulator PFRDA may allow Union and State government employees the flexibility to choose their own fund managers for managing their corpus in the National Pension System (NPS).

Such a move will bring the employees on par with private individual subscribers, who already enjoy the facility to choose their fund managers.

“The plan to provide choice to government employees for deciding their fund managers is consistent with the design of NPS architecture as a subscriber-centric model,” RV Verma, PFRDA Member, told BusinessLine.

As on date, over 70 per cent of the NPS corpus of ₹82,000 crore comprises contributions from Union and State government employees.

Currently, it is the Centre or the State government that chooses the fund manager for the NPS contributions.

Empowering the subscriber to choose the fund manager will allow these government employees the option to take risk and maximise pension, according to Verma.

The facility of switching from one fund manager to another is also proposed to be provided, he said, adding that this will ensure that pension fund managers do not become complacent.

Verma also said the plan to provide choice to government employees is also in line with the Bajpai panel’s recommendations to widen choice for NPS subscribers — whether it be in the case of fund managers or the basket of instruments in which funds could be parked.

Add on choice


“The existing system (of government deciding the fund managers) will continue. We are only going to add choice to the government employees who are NPS subscribers,” Verma said.

In 2004, the Centre had moved away from defined benefit pension system to a defined contribution pension system.

All new entrants into government service after January 1, 2004, had to mandatorily go in for NPS.

Currently, the Centre and 27 States have adopted NPS.

http://www.thehindubusinessline.com/news/nps-govt-employees-may-get-to-choose-their-fund-managers/article7098370.ece

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