Flexible Pension Contribution: People with irregular incomes

Flexible Pension Contribution 

GOVERNMENT OF INDIA 
MINISTRY OF FINANCE 
DEPARTMENT OF FINANCIAL SERVICES 
LOK SABHA 

UNSTARRED QUESTION NO. 4138 

TO BE ANSWERED ON AUGUST 10, 2018/SHRAVANA 19, 1940 (SAKA) 

FLEXIBLE PENSION CONTRIBUTION 

Shri Rajeshbhai Chudasama 

Will the Minister of FINANCE be pleased to state 

(a) whether the Government proposes for flexible pension contribution for the informal workers in the country and if so, the details of proposal therein; 

(b) if not, the proposal of Government for the people with irregular incomes and particularly the women of the country who have no regular incomes; and 

(c) the details of the report of the Pension Fund Regulatory and Development Authority (PFRDA) and Credit Rating Information Services of India Limited (CRISIL) on the pension proposal towards elderly women empowerment? 

ANSWER 
The Minister of State in the Ministry of Finance 
(Shri Shiv Pratap Shulda) 

(a) &( b) The Atal Pension Yojana (APY) was launched in May, 2015 and is operational from 1st June, 2015. The APY is primarily focussed on all citizens in the unorganised sector, who are not covered by any pension scheme. All citizens of the country in the eligible category may join the scheme. As on 06.08.2018, the total number of subscribers under APY is 1,09,66,981, out of which, 43,87,993 subscribers are women. The salient features of the Atal Pension Yojana are as under: 
  • Indian Citizens between the age group of 18 to 40 years eligible to join APY through their savings bank account or post office savings bank account. 
  • APY is based on defined benefit for providing guaranteed minimum monthly pension of Rs. 1000 or Rs. 2000 or 3000 or Rs. 4000 or Rs. 5000 at the age of 60 years based on pension amount chosen. 
  • The Central Government would also co-contribute 50% of the total contribution or Rs. 1000 per annum, whichever is lower, to each eligible subscriber, for a period of 5 years, i.e., from Financial Year 2015-16 to 2019-20, who have joined the APY before 31st March, 2016, and who are not members of any statutory social security scheme and who are not income tax payers. 
  • In case of premature death of Subscriber (death before 60 years of age), spouse of the subscriber has been given an option to continue contributing to APY account of the subscriber, for the remaining vesting period, till the original subscriber would have attained the age 60 years. 
  • In case of death of both subscriber and spouse, the entire pension corpus would be returned to the nominee. 
  • If the accumulated corpus based on contributions earns a lower than estimated return on investment and is inadequate to provide the minimum guaranteed pension, the Central Government would fund such inadequacy. Alternatively, if the actual returns during the accumulation phase are higher than the assumed returns for minimum guaranteed pension, such excess will be passed on to the subscriber. 
  • With a view to provide flexibility to the subscribers of APY with seasonal or irregular income, besides the monthly mode of payment, quarterly and half yearly mode of payment of contributions have been provided in the Scheme. Further in case of default in payment of contribution, a subscriber may regularize the account by paying the overdue amount along with a minimal charge to obtain the guaranteed pension. 
(c) The Pension Fund Regulatory and Development Authority (PFRDA) has informed that the report of PFRDA and CRISIL on ‘Financial security for India’s elderly’ has, inter-alia, mentioned designing of a pension policy exclusively for women where contributions could be from the women’s families. Some tax relief to the savings held in the form of pension has also been mentioned. 

flexible-pension-contribution

Source: LOKSABHA

COMMENTS

Defence$type=complex$count=4$ico=1

7th CPC$type=list$m=0$cate=0$sn=0$rm=0$c=5

Name

'Aaykar Setu' mobile app,1,5th cpc,5,6th cpc,8,7th CPC,403,7th CPC Arrears,4,7th CPC Arrers,8,7th CPC Hindi News,12,7th CPC News,69,7th Pay Commission,216,Aadhaar,23,acpin,1,ad-hoc bonus,4,ad-hoc staff,1,additional hra,1,admit card,1,advance salary,1,AGEY,1,aicpin,9,aigdsu news,5,AIIMS,2,ailtc railways,7,aipr,3,Air Force,13,Air India,5,air india ltc 80 fare,4,Air Travel,6,Aircel,1,airf,15,Airlines,1,Airtel,4,alcohol policy,1,all india,5,Allowances,125,Amazon Ofers,1,Andhra Pradesh,1,anomaly committee,1,aoc,1,app download,1,Apple iPhone,3,Assam,4,Assistant Jobs,1,Bank,29,bank da,3,bank holidays,1,Bank Policies,19,banknotes,1,Bihar,9,Bihar 7th CPC,3,bihar govt employee,1,Bollywood,4,bonous,1,bonus,6,breakdown allowance,2,Breaking News,139,BRICS,1,Bsnl,11,budget,4,Business,84,ca exam pattern,1,Cabinet News,41,cadre restructuring,2,cadre review,12,CAG Report,3,CAPO News,4,Career,56,casual labour,3,casual leave,2,cat Judgement,2,cat order,3,CBDT,12,CBEC,4,CBSE,6,ccs master circular,1,ccs pension rules,2,ccs rules,4,cda rules,2,cgda,20,cgegis table,5,CGHS,86,cghs agartala,1,cghs ahmedabad,1,cghs allahabad,1,cghs bengaluru,2,cghs bhopal,1,cghs bhubaneswar,1,cghs chandigarh,1,Cghs Chennai,1,cghs dehradun,1,cghs delhi,3,cghs guwahati,1,cghs hyderabad,1,cghs indore,1,cghs jabalpur,1,cghs jaipur,1,cghs kanpur,2,cghs karnataka,1,cghs kerala,1,cghs kolkata,1,cghs lucknow,1,cghs meerut,2,cghs mumbai,1,cghs nagpur,1,cghs patna,2,cghs pune,1,cghs ranchi,2,cghs shillong,1,cghs trivandrum,2,cghs uttrakhand,1,chandigarh,1,chhattisgarh,1,child care leave,2,children education allowance,7,China,1,cisf,1,come & play scheme,1,compassionate ground appointment,2,Compensation Policy,3,composite allowance,1,condiment allowance,3,Condiment expenditure,2,consatant attendance allowance,1,contract labour,7,Conveyance Allowance,3,cpao order,21,cpf,1,cpgrams,3,cpiiw,3,cpse,68,cpse employees,7,cpse guidelines,29,cpse pay revision,2,cpse pension,5,CPSEs Pay,20,Cricket,4,cris,3,CRPF,1,CS(MA) Rules,5,csd,2,csd price list,1,Current Affairs,308,cvc circular,2,d el ed,1,daily officiating allowance,3,dearness allowances,48,dearness relief,18,Defence,226,Delhi,2,delhi high court,1,dept of post order,40,deputation,3,deputation allowance,4,desw,2,desw order,5,disability pension,5,dlc,1,Doctor Jobs,12,doe order,24,doppw order,7,DoPT Order,123,dot order,10,Download MedWatch App,1,Download MyMSME App,1,Download MyMSME App Celebrating Yoga,1,Download NEW ITR FORM,2,Download Swachh Bharat App,1,dpe om,33,dress allowance,5,dress code,1,EC,1,echs,22,ecil,1,EDUACTION,75,Education,7,educational qualification,1,Egineer Jobs,1,Election Commission,1,Employment,6,Entertainment,2,EPFO,23,ESIC,4,EVM,1,Ex-Servicemen,6,exam,2,exempt from tax,1,expected da,10,extra work allowance,1,Extraordinary Pension,1,Facebook,8,fact jobs,1,Family Pension,94,FAQ,2,Featured,79,festivals,1,FIFA,1,File ITR,22,Fin Min Orders,62,Finance,8,Fixed Medical Allowance,7,Flipkart,2,Football,3,FREQUENTLY ASKED QUESTIONS ON GST,1,Games,12,Ganes,2,gazette notification,12,gdce instructions,3,gds arrears,9,gds da,11,gds employees news,17,gds pay,15,gds report,17,gfr,1,GOI News,570,Goods and Services Tax,50,Goods and Services Tex,1,Google,10,government of karnataka,1,Govt Jobs,10,govt of assam,2,govt of assam pensioner,1,govt of assam staff,1,govt of chhattisgarh,1,Govt Project,324,Govt Staff News,1109,Govt Yojna,255,gpf interest rate,1,GPF Rules,12,GPRA,4,gratuity,6,group A,1,Group D,1,Gst,61,GST Rates Finder app,1,Hardship Allowance,1,Haryana Govt Employees,2,Haryana Govt order,2,hba rules,9,Health,25,High Court Judgement,2,high court order,2,hill area allowance,1,holiday list,9,Hollywood,2,honorarium,1,hpca,1,hr allowances,1,hra,2,HRA Allowances,40,iba,5,iba dr,1,ibps,2,icsil,1,ida cpse,15,income tax,20,independence day,1,India,3,India Post,12,Indian Airforce,49,Indian Army,68,Indian Navy,63,indian railway,10,IOCL Jobs,1,IRCTC,8,irtsa,2,Island Special Duty Allowance,1,ISRO,1,iti ltd,1,ITR,30,j&k govt employees,3,j&k govt pensioners,1,Japan,1,Jharkhand,3,Jio News,8,jkssb,1,jnv,7,Jobs,54,Jobs News,94,karnataka,1,kerala,4,Kerala Govt Employees,3,Kerala Govt Pensioners,2,Kolkata,1,KVS,40,kvs pension,2,labour Bureau,7,larsgess scheme,3,Latest,988,ldce,3,leave rules,1,lic pay,2,life time arrear,1,Lok Sabha,136,LTC,32,ltc 80 air fare,6,Ltd Company Jobs,2,mAadhaar App,2,macp,31,Make in India,2,Market,1,Maruti Suzuki Dzire,1,maternity leave,6,medical card,1,Medical claims,4,Meghalaya Govt Employees,1,MERIT app,1,mes,1,MGNREGA,2,mha,1,mhfw order,14,mhrd order,1,Microsoft,1,Microsoft News,1,minimum wages,7,mod order,17,mohfw order,2,monetary allowance,3,MP,1,msp,2,mtnl,2,NABARD,1,Namami Gange,5,National,705,ncjcm,20,nda,2,ndmc,1,New Delhi,3,new TRCA matrix,5,nfir,59,NGT,1,night duty allowance,2,northern railway,1,Notification,1,npci,1,nps,22,nursing allowance,2,nursing perssonsel,2,NVS,9,odisha,3,odisha govt pensioner,1,operation theater allowance,1,ordnance factory,1,orop,16,overtime allowance,6,PAN,6,pass rules,3,Passports,1,patna high court judgement,1,pay fixation,18,pay slip,1,pcda circular,41,pco allowance,2,pdca circular,8,Pension,203,Pension Adalat,1,Pension Adalat Application Form,2,Pension faq,21,Pension revision,8,Pensioner,158,Pensioner associations,2,Pensioner Portal,12,pfrda,3,pgportal,3,pl bonous,12,PM Modi,27,PMAY,5,PMUY,1,PMVVY,1,Policies,382,Politics,35,post graduate allowance,1,post office,2,prcp in railway,4,President,2,Project Allowance,2,Promotions,19,Promotions policy,19,provisional pension,2,puducherry,1,Railway,345,railway servants pass rules,1,rajasthan govt employees,2,rajasthan govt pensioners,1,rajbhasha,1,Rajya Sabha,38,Rashtriya Swasthya Bima Yojana,1,ration money allowance,2,RBI,11,Real Madrid,1,Recruitment,6,recruitment rules,9,relhs,1,remote area allowance,1,remuneration,1,RERA Act,1,reservation criteria,11,rest rules,1,Result,5,retirement age,1,revised pay,24,revised pay matrix table,5,revised pension,3,revised vda,8,rilways,1,risk and hardship allowance,8,running staff,2,RUSA,1,s,1,SAARTHI App,1,SBI,10,SBI Rules,6,scholarship,1,Science,17,scova meeting,1,SEVA App,1,Seventh Central Pay Commission,149,SKILL INDIA Mission,1,small saving scheme,2,special allowance,3,Special LC Gate allowance,1,Sports,16,ssc jos,1,status of PPOs,2,storekeeping staff,1,strike,2,study allowance,1,study leave,1,Sukanya Samriddhi Account,2,Supreme Court,22,Supreme Court Judgement,13,Survey,1,syllabus,1,syndicate bank,1,Tarang Sanchar,1,Tax,22,tds deduction,2,teacher jobs,2,Tech,34,Telangana,1,telangana govt employees,1,Telcome,2,Telcome News,8,timely disposal of applications,1,TN Govt Employees,3,TN Govt Pensioners,2,tnusrb recruitment,1,Trade,1,trade unions,1,TRAI,1,training allowance,2,Transfer policy,25,transport allowance,4,Travelling Allowance,22,Trending Now,131,tripura govt employees,1,tripura govt pensioner,1,Trump,1,uan,1,Uber,1,ugc,1,uidai,1,UJALA Scheme,1,UP CM Yogi Adityanath,2,upgradation of pay,2,uppsc,1,UPSC Jobs,2,USA,2,Uttar Pradesh,3,vrs,2,Weather,2,West Bengal,1,Whatsapp,2,Windows 10 OS,1,World,62,World Press Freedom Day,1,You Tube,2,
ltr
item
Param News: Central Government Employee News|Latest DOPT OM: Flexible Pension Contribution: People with irregular incomes
Flexible Pension Contribution: People with irregular incomes
Government proposes for flexible pension contribution for the informal workers, people with irregular incomes and particularly the women of the country, details of the report of the PFRDA, Atal Pension Yojana
https://1.bp.blogspot.com/-M6ZRQkvfB8Q/W3JtZ2SSGiI/AAAAAAAAH9Q/EQYuMqxAeSMikXcfX8-buF_2SR_RZzZzACLcBGAs/s1600/flexible-pension-contribution.png
https://1.bp.blogspot.com/-M6ZRQkvfB8Q/W3JtZ2SSGiI/AAAAAAAAH9Q/EQYuMqxAeSMikXcfX8-buF_2SR_RZzZzACLcBGAs/s72-c/flexible-pension-contribution.png
Param News: Central Government Employee News|Latest DOPT OM
https://www.paramnews.com/2018/08/flexible-pension-contribution-people.html
https://www.paramnews.com/
http://www.paramnews.com/
http://www.paramnews.com/2018/08/flexible-pension-contribution-people.html
true
2671314941044517342
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share. STEP 2: Click the link you shared to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy