Rs 1,000 a year pension aid approved to informal sector workers

NEW DELHI: The government today approved a Rs 1,000 per annum pension assistance to unorganised sector workers to inculcate the habit of savings among this population of over 300 million.

Under the 'Swavalamban Scheme', the government would contribute Rs 1,000 per year to every New Pension System account of 40 lakh such workers over four years starting this fiscal.

The assistance is subject to the beneficiary contributing any amount between Rs 1,000 to Rs 12,000 per annum, according to an official statement.

Initially 10 lakh workers would be covered each year over the four years ending 2013-14 (rpt) 2013-14.