Swavalamban Scheme, a co-contributory Scheme, was introduced from September 2010 onwards to encourage the unorganised sector to voluntary save for their old age. The Government contributes a sum of Rs.1000 in each New Pension Scheme (NPS) account opened under the Scheme where the subscriber is able to save Rs.1000 to Rs.12000 during a Financial Year. Government will provide contribution for 5 years to the beneficiaries who register in the year 2010-11, 2011-12, 2012-13 and 2013-14(till 23.11.2013). The Scheme has since been extended up to the year 2016-17 on an yearly contribution basis from Government. This scheme is open to those citizens of India who are not part of any statutory pension/provident fund scheme.
Under Swavalamban Scheme, central funds are released to Pension Fund Regulatory and Development Authority (PFRDA) for making co-contribution against the contribution made by the beneficiaries. Total Central funds allocated, released and utilized under the Swavalamban scheme during the last three years and the current year are as under:
(Rs. In Crore)
Year Funds | Allocated Funds | Released Funds | Utilised |
2010-11 | Rs.110 | Rs.53.50 | Rs.30.37 |
2011-12 | Rs.220 | Rs.40 | Rs.35.30 |
2012-13 | Rs.220 | Rs.104 | Rs.122.24 |
2013-14 (As on 30.11.2013) | Rs.170 | Rs.33.70 | Rs.12.46 |
The enrolment details under Swavalamban is as under:
2010-11 | 301920 |
2011-12 | 643989 |
2012-13 | 1104301 |
2013-14 (till 23.11.2013) | 444804 |
