What Are Rashtriya Vayoshri Yojana, Swavalamban Scheme, and Atal Pension Yojana?

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This Ministry of Social Justice and Empowerment is implementing a new scheme namely Rashtriya Vayoshri Yojana (RVY) , which was announced by Finance Minister in the Budget Speech of 2015 - 16.

Schemes of M/O SJ&E for Senior Citizens

Rashtriya Vayoshri Yojana (RVY)

  • Central Sector Scheme funded from Senior Citizens՚ Welfare Fund.
  • Aids and assistive living devices will be provided to senior citizens belonging to BPL category suffering from age related disabilities such as low vision, hearing impairment, loss of teeth, loco-motor disabilities.
  • Ministry of Social Justice and Empowerment, Government of India is the nodal Ministry to oversee the implementation of the Scheme.
  • The Scheme is being implemented by the “Artificial Limbs Manufacturing Corporation (ALIMCO) ” - a Public Sector Undertaking under this Ministry.
  • The devices are distributed in the camp mode to the identified beneficiaries.
  • The National launch of Rashtriya Vayoshri Yojana was held on 1st April, 2017. A total of 187 districts from all States/UTs have been selected for Rashtriya Vayoshri Yojana distribution camps. As on date, 16 distribution camps have been organized at district level.

    Atal Pension Yojana (APY)

  • Another important scheme in this regard is Atal Pension Yojana (APY announced in 2015 guarantees a minimum pension from ₹ 1000 or ₹ 2000 or ₹ 3000 or ₹ 4000 or ₹ 5000 on completion of 60 years of age based on the periodic contribution being made by the subscriber) .
  • Contribution amount depends on scheme chosen by the subscriber and their age at the date of joining
  • The scheme is open for the Indian citizen between the age of 18 - 40 years and contribution has to be done till the age of 60 years.
  • The scheme has been implemented through the banking system only.

    Swavalamban Scheme

  • Eligible existing subscribers of the Swavalamban Scheme (NPS Lite) in the age group of 18 - 40 years are required to be migrated to APY unless they exercise the option to opt-out.
  • Swavalamban Scheme
    • Co-contributory Pension Scheme
    • Launched in September, 2010
    • Encouraged people from the unorganized sector to voluntarily save for their retirement.
    • Central Government contributes a sum of ₹ 1,000 in each National Pension System (NPS) account opened under the Scheme where the subscriber is able to save ₹ 1,000 to ₹ 12,000 during a financial year.
    • The Government՚s contribution is available upto Financial Year 2016 - 17.
    • The scheme is for those citizens of India who are not part of any statutory pension or provident scheme.
  • The target beneficiaries of Swavalamban Scheme are
    • Co-contributory scheme beneficiaries of State Governments
    • Aanganwaadi workers
    • Construction workers
    • Occupational classes like weavers, fishermen, farmers, dairy workers etc.
    • Managed by Pension Fund Regulatory & Development Authority (PFRDA) and financed through budgetary support by way of Grants-in- Aid to PFRDA.
    • Operates through 62 Aggregators and 71 PoPs.

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