Exit Norms of the Pension Scheme “Swavalamban” Will be Relaxed

The exit norms of the co-contributory pension scheme “Swavalamban” have been relaxed. Announcing this in his Budget speech in the Lok Sabha today, the Union Finance Minister, Shri Pranab Mukherjee said that a subscriber under Swavalamban Scheme will now be allowed to exit at the age of 50 years instead of 60 years, or a minimum tenure of 20 years, whichever is later.

The Finance Minister also proposed to extend the benefit of Government contribution from three to five years for all subscribers of Swavalamban who enroll during this year and in the year 2011-12. An estimated 20 lakh beneficiaries will join the scheme by March 2012, the Minister informed.

Shri Mukherjee said that this scheme has been welcomed by the workers in the unorganized sector. Over four lakh applications have already been received and the relaxation in exit norms is being made on the basis of the feedback received during the year.