Atal Pension Yojana or APY , previously known as Swavalamban Yojana is a government-backed pension scheme in India , primarily targeted at the unorganised sector. Swavalamban Yojana was a government-backed pension scheme targeted at the unorganised sector in India. The scheme was announced by the Finance Minister in Budget — It was funded by grants from the Government of India. Only subscribers who had enrolled in APY between June 1, and March 31, , and were not beneficiaries of any social security schemes, besides not having any taxable income were eligible for this co-contribution.
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The Co-contributory Pension Scheme by Department of Financial Services aims to encourage people from the unorganised sector to voluntarily save for their retirement and to lower the cost of operations of the New Pension System NPS for such subscribers.
The Government of India will contribute Rs. This scheme was open to all citizens of India between the ages of 18 and Register Login. Edit Page. Review in Process. Brief Objective The Co-contributory Pension Scheme by Department of Financial Services aims to encourage people from the unorganised sector to voluntarily save for their retirement and to lower the cost of operations of the New Pension System NPS for such subscribers. Benefits The Government of India will contribute Rs.
Eligibility This scheme was open to all citizens of India between the ages of 18 and All content appearing on the vikaspedia portal is through collaborative effort of vikaspedia and its partners. We encourage you to use and share the content in a respectful and fair manner. Please leave all source links intact and adhere to applicable copyright and intellectual property guidelines and laws.
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Information about Swavalamban Scheme
New limits have also been set for cash management systems of 20 key departments, excluding departments of disaster management and health and family welfare for obvious reasons. They can now only sanction up to Rs 15 crore at a time for administrative expenditures and transfers to state and Rs 30 crore for programme expenditures. Tax saving schemes are mutual fund schemes that qualify for tax deductions under Section 80C of the Income Tax Act. The scheme gives a guaranteed payout of pension at a specified rate for 10 years. It also offers a death benefit in the form of the return of purchase price to the nominee. On March 18, MNRE had issued an advisory advising beneficiaries and general public to refrain from depositing any registration fee and sharing their data on such websites. IT and Telecom Minister Ravi Shankar Prasad said India will initially aim to attract top 5 global mobile manufacturing companies and also promote five local companies that will be identified through a screening process.
Swavalamban Scheme: Things to know about the National Pension System
All rights reserved. For reprint rights: Times Syndication Service. Personal Finance News. IDBI Bank. Market Watch. Pinterest Reddit. The National Pension System has a unique low-cost retirement benefit scheme for the unorganised sector known as the Swavalamban scheme.
Atal Pension Yojana
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