5th_APRIL 1ST_2015

NATIONAL AGENDA
the working poor, particularly in the universal social security system,
unorganised sector, resulted in the especially for the poor and the
creation of a new initiative in the under- privileged, the three- tier
Union Budget proposals 2015-16, social security schemes, announced
called, Atal Pension Yojana (APY). It in the current year budget, is defiis
to encourage the uninsured work- nitely going to spread the safety net
ers in the unorganised sector to of protection to people in all strata
come under National Pension of life against deprivation and
System (NPS), under Pension Fund uncertainties. These are the steps
Regulatory and Development towards ensuring financial security
Authority (PFRDA). The scheme and long term sustenance to famimeant
to persuade workers in unor- lies when the earning family memganised
sector, who form 88% of ber retires, dies or suffers full or
total workforce, to save voluntarily partial disability. Jan Dhan Yojana
for the retirement. Under the APY, was started for guaranteeing finanthe
subscribers would receive the cial inclusion and now Jan Suraksha
fixed pension of Rs. 1000 per (providing universal social security
month, Rs. 2000 per month, Rs. net) is all about guaranteeing finan-
3000 per month, Rs. 4000 per cial security because both are premonth,
Rs. 5000 per month, at the requisites for inclusive growth and
age of 60 years, depending on their all round development. These social
contributions, which itself would security schemes reflect the Modi
vary depending on the age of joining Government's commitment to
the APY. The scheme is open to all utilize the Jan Dhan platform, to
bank account holders who are not ensure that no Indian citizen will
members of any statutory social have to worry about illness, accisecurity
scheme. The minimum age dents, or penury in old age.
of joining APY is 18 years and the
(SPMRF Desk)
maximum is 40 years. The scheme is
mainly targeted at unorganised
sector workers. The Government
would provide fixed pension guarantee
for the subscribers, and would
co-contribute 50% of the subscriber's
contribution or Rs. 1000
per annum, whichever is lower, to
eligible subscribers.
In order to achieve the goal of
THE
NATIONALIST 23