family pension Current Affairs - 2020

Atal Pension Yojana completes 5 years

The “Atal Pension Yojana” launched on May 9, 2015, has completed 5 years of its implementation. The total enrollment under the scheme as on May 9, 2020 was 2,23,54,028.

Highlights

During the first two years of the launch of the initiative, there were 50 lakh subscribers. In the third year, the numbers doubled with 100 lakh subscribers. In the third year, the numbers increased to 100 lakhs. The milestone of 1.5 crores enrollment was achieved in the fourth year.

Features of the Scheme

The Scheme can be subscribed by any Indian citizen of age 18 to 40 years. Upon enrollment, the scheme provides a minimum guaranteed pension of Rs 1000 to Rs 5000 on attaining 60 years of age. Also, when the pensioner dies, it amounts to guaranteed pension for lifetime to the spouse. In case of death of the both the subscriber and spouse, a nominee shall claim the amount.

About the scheme

The scheme was replaced with Swavalamban Yojana. It was established to provide old age income security to the unorganized sector. It was launched by PM Modi in 2015 at Kolkata.

The scheme is implemented by PFRDA (Pension Fund Regulatory and Development Authority) operating under Ministry of Finance.

Labour Ministry is celebrating Pension Week

The Labor Ministry is celebrating pension week from November 30, 2019 to December 6, 2019 in order to increase enrolments under National Pension Scheme (NPS) for traders and Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM). The aim of the celebration is to enroll 1 crore beneficiaries under PMSYM and 50 lakh beneficiaries under NPS-traders.

Highlights

The observation of the week was inaugurated by the Minister of State for Labour and Employment Shri Santosh Gangwar. As a part of the celebration, awareness campaigns are to be organized among 10 crore Ayushman beneficiaries, 40 lakh Anganwadi workers during the initial days. The campaigns will explain the pension schemes being offered by the Government of India and their benefits and importance. The campaign will also include 2.5 crore Self Help Group members, 4 to 5 crore building and other construction workers and 10 lakh ASHA workers.

Significance

In order increase enrollments the monthly contribution of the scheme has been kept at the lowest level ranging from Rs 55 to 200 per month. When a person joins a pension scheme he enjoys tax deduction up to 10% of basic salary. The schemes are designed in such a way that after retirement the person can fulfil his basic needs with a minimal monthly amount, say Rs 6000.