The govt may extend support for ‘Swavalamban’ scheme from three to five years

The union cabinet is on Thursday likely to take up a proposal to extend government’s support for pension scheme for unorganised sector to five years from three years.



The ‘Swavalamban’ scheme of the government encourages unorganized sector workers to save for retirement by making a contribution to the NPS (New pension scheme) of such a worker if he contributed least Rs 1,000 to the tier-1 account, which can be withdrawn only at retirement. The government will contribute Rs 1,000 to every year for four years ending 2013-14.


Source: ET
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