Swavalamban Pension Yojana

The Swavalamban Pension Yojana is a New Pension System (NPS) that is being administered by the Interim Pension Fund Regulatory and Development Authority also known as the PFRDA. It is applicable for all citizens of India who are part of the unorganized sector.

Swavalamban Pension Yojana Eligibility

It is important to understand the definition of a person belonging to the unorganized sector as per the following guidelines, to cross the first line of eligibility besides being an Indian citizen

• The individual is not employed on a regular basis by the Central or a state government
• The individual is not employed on a regular basis in an autonomous body
• Individuals cannot be employed under any public sector undertaking of the Central or state government having employer assisted retirement benefit scheme
• They must not be covered by any social security scheme under any of the following laws:
  1. Employees’ Provident Fund and Miscellaneous Provisions Act, 1952
  2. The Coal Mines Provident Fund and Miscellaneous Provisions Act, 1948
  3. The Seamen’s Provident Fund Act, 1966
  4. The Assam Tea Plantations Provident Fund and Pension Fund Scheme Act, 1955
  5. The Jammu and Kashmir Employees’ Provident Fund Act, 1961

The other eligibility criterias include:

• The minimum contribution should be Rs. 1,000 per annum
• The maximum contribution can be Rs. 12,000 per annum.

Benefits & features of Swavalamban Pension Yojana

The Government will contribute Rs. 1000 per annum to each NPS account that has been opened in 2010-11, 2011-12, 2012-13 and 2013-14.

This benefit is available to people with a minimum contribution of Rs. 1,000 and a maximum contribution of Rs. 12,000 per annum. The scheme amount at the time of withdrawal is tax exempted.