Flexible Pension Contribution
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
LOK SABHA
UNSTARRED QUESTION NO: 4138
Flexible Pension Contribution
RAJESHBHAI NARANBHAI CHUDASAMA
Will the Minister of
FINANCE hold upwardly pleased to state:-
(a) whether the Government proposes for flexible pension contribution for the informal workers inwards the Blue Planet too if so, the details of proposal therein;
(b) if not, the proposal of Government for the people alongside irregular incomes too peculiarly the women of the Blue Planet who convey no regular incomes; and
(c) the details of the study of the Pension Fund Regulatory too Development Authority (PFRDA) too Credit Rating Information Services of Bharat Limited (CRISIL) on the pension proposal towards elderly women empowerment?
ANSWER
The Minister of State inwards the Ministry of Finance
(a) &( b) The Atal Pension Yojana (APY) was launched inwards May, 2015 too is operational from 1st June, 2015. The APY is primarily focussed on all citizens inwards the unorganised sector, who are non covered past times whatever pension scheme. All citizens of the Blue Planet inwards the eligible category may bring together the scheme. As on 06.08.2018, the full give away of subscribers nether APY is 1,09,66,981, out of which, 43,87,993 subscribers are women. The salient features of the Atal Pension Yojana are every bit under:
- Indian Citizens betwixt the historic current grouping of eighteen to forty years eligible to bring together APY through their savings banking concern draw of piece of employment concern human relationship or postal service purpose savings banking concern account.
- APY is based on defined create goodness for providing guaranteed minimum monthly pension of Rs. M or Rs. 2000 or Rs. 3000 or Rs. 4000 or Rs. 5000 at the historic current of sixty years based on pension amount chosen.
- The Central Government would also co-contribute 50% of the full contribution or Rs. M per annum, whichever is lower, to each eligible subscriber, for a current of v years, i.e., from Financial Year 2015-16 to 2019-20, who convey joined the APY earlier 31st March, 2016, too who are non members of whatever statutory social safety system too who are non income taxation payers.
- In example of premature expiry of Subscriber (death earlier sixty years of age), husband of the subscriber has been given an pick to choke on contributing to APY draw of piece of employment concern human relationship of the subscriber, for the remaining vesting period, till the master copy subscriber would convey attained the historic current sixty years.
- In example of expiry of both subscriber too spouse, the entire pension corpus would hold upwardly returned to the nominee.
- If the accumulated corpus based on contributions earns a lower than estimated render on investment too is inadequate to render the minimum guaranteed pension, the Central Government would fund such inadequacy. Alternatively, if the actual returns during the accumulation stage are higher than the assumed returns for minimum guaranteed pension, such excess volition hold upwardly passed on to the subscriber.
With a persuasion to render flexibility to the subscribers of APY alongside seasonal or irregular income, also the monthly agency of payment, quarterly too one-half yearly agency of payment of contributions convey been provided inwards the Scheme. Further inwards example of default inwards payment of contribution, a subscriber may regularize the draw of piece of employment concern human relationship past times paying the overdue amount along alongside a minimal accuse to obtain the guaranteed pension.
(c) The Pension Fund Regulatory too Development Authority (PFRDA) has informed that the study of PFRDA too CRISIL on ‘Financial safety for India’s elderly’ has, inter-alia, mentioned designing of a pension policy entirely for women where contributions could hold upwardly from the women’s families. Some taxation relief to the savings held inwards the degree of pension has also been mentioned.
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