Pensions Current Affairs

Atal Pension Yojana reaches subscriber base of 80 lakh

The Pension Fund Regulatory and Development Authority of India (PFRDA) has announced that Atal Pension Yojana (APY) run by it has reached a subscriber base of 80 lakh and is growing at good pace. Uttar Pradesh is the highest contributing state at 11.41 lakh APY subscribers, followed by Bihar (8.87 lakh) and Tamil Nadu (6.60 lakh).

Atal Pension Yojana (APY)

APY became operational from June 1, 2015 with an aim to provide affordable universal access to essential social security protection to unorganized work force of country, which makes major chunk of labour force (88%). It had replaced Swavalamban scheme.

It is available to all citizens of India in the age group of 18-40 years (thus minimum period of contribution by subscriber is 20 years). Under scheme, subscriber will receive a minimum guaranteed pension of Rs.1000 to Rs.5000 per month, depending on his contribution, from age of 60 years.

There is no exit to the scheme before the age of 60. In case of death of subscriber, the spouse of the subscriber shall be entitled for the same amount of pension till his or her death.

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Disability pension for defence forces at par with civilians: Government

The Union Government has accepted recommendations of National Anomaly Committee (NAC) to maintain disability pension for defence forces in parity with civilians under 6th Central Pay Commission (CPC).

With acceptance of recommendations of NAC, Government will not go ahead with new disability pension parity regime recommended by 7th CPC and continue earlier system of disbursing disability pension.

Background

The armed forces were pressing for reverting to percentage-based regime for disability pension and were strongly opposed to slab-based system conceived by 7th CPC. They felt that new slab-based system would result in reduction in amount of disability pension for existing as well as future retirees compared to percentage-based disability pension. They were also upset as civilian pensioners were to be paid pension according to earlier percentage system. To address the issue, Defence Ministry had referred this matter to NAC to decide methodology for calculation of disability element of disability pension under 7th CPC.

Complaint and Litigation Reduction Scheme

The Ex-Servicemen Health Contributory Scheme (ECHS) has launched Complaint and Litigation Reduction Scheme (CLRS) for grievance redressal of veterans and their dependents. It will assist Defence Ministry to increase focus on formulation of caring policy and implementation initiatives preserving time and resources of our veterans who have served the nation.

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