Assam govt notifies New Pension Scheme-Lite

BusinessThe benefit will be available to a subscriber whose investment will not exceed Rs 12,000 every year.

Assam government today notified the New Pension Scheme-Lite, which will be effective from October 1 to cover the weaker and economically disadvantaged sections.

"We are notifying this new pension scheme today and it will start from next month. It is basically meant to take care of all the people in the unorganised sector," Additional Chief Secretary (Finance) Himangshu Sekhar Das told reporters here.

As per the scheme named 'Swavalamban Pension Scheme', a person with a minimum contribution of Rs 1,000 per year will get an equal amount of contribution from the government.

The benefit will be available to a subscriber whose investment will not exceed Rs 12,000 every year.

The maximum amount of contribution is fixed at Rs 50,000 annually, Das said.

All subscribers after enrollment in the system will get a Permanent Retirement Account Number (PRAN).

The aggregator for the scheme in the state will be Assam Gramin Vikash Bank and Alankit Assignment, while the fund managers are SBI Pension Fund, LIC and UTI.

The state government had introduced NPS from February 1, 2005 for the new entrants in the state government service replacing the old pension scheme.

The scheme was operationalised for regular employees in October 2010.

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