Social Security Current Affairs

CCEA approves enhancing coverage of Pradhan Mantri Rojgar Protsahan Yojana

The CCEA chaired by Prime Minister Narendra Modi, has approved proposal of enhancing scope of Pradhan Mantri Rojgar Protsahan Yojana (PMRPY).  The Central Government will now contribute Employer’s full admissible contribution for first 3 years from date of registration of new employee for all sectors including existing beneficiaries for their remaining period of 3 years. It will benefit the informal sector workers as the will get social safety net and result in more job creation.

Pradhan Mantri Rojgar Protsahan Yojana (PMRPY)

PMRPY has been in operation since August 2016. Under it, Government is paying 8.33% contribution of Employers to Employees’ Pension Scheme (EPS) in respect of new employees (joined on or after 1st April 2016) having new Universal Account Number (UAN), with salary up to Rs. 15,000/- per month.

The scheme has dual benefit i.e. it incentivize employers for increasing employment base of workers establishments and enables large number of workers to find jobs in such establishments. Its direct benefit is that these workers get access to social security benefits of organized sector. Till now, the scheme has produced quite encouraging results and has added about 31 Lakhs beneficiaries to formal employment involving expenditure of more than Rs. 500 crore.

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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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