Swavalamban Pension Scheme for the Poor

To encourage people from the unorganised sector to voluntarily save for their retirement and to lower the cost of operations of the New Pension System (NPS) for such subscribers, Government has approved a 'Swavalamban' scheme in the Budget 2010-11, whereby, the Government will contribute a sum of Rs. 1,000 per year to each NPS account opened in the year 2010-11. This scheme "Swavalamban" will be available for persons who join NPS with a minimum contribution of Rs. 1,000 and a maximum contribution of Rs. 12,000 per annum during the financial year 2010-11 and are not members of any statutory Provident Fund. This scheme will be available for another three years and is targeted to benefit about 10 lakh NPS subscribers of the unorganised sector during the year 2010-11.