Kerala government launches new pension scheme for workers

KOTTAYAM: The Kerala government has launched a new Central government pension scheme 'Swavalamban Yojana' for workers in the unorganised sector.

The scheme, introduced by Pension Fund Regulatory and Development Authority, plays a vital role in bringing the economic and social security initiatives of the union government, Jose K Mani, MP, said after launching the scheme at a function here yesterday.

In Kerala the scheme will be implemented through ESAF Microfinance, PFRDA Executive Director Padma Iyer Kaul said.

A person joining the scheme has to contribute Rs 1000 a year. The government will also contribute an equal amount annually till 2013-14. Beneficiaries will be able to avail pension when they turn 60, based on the amount contributed.