Implementation of PPF Scheme for Unorganised Sector

There is no Public Provident Fund (PPF) scheme specially for unorganised sector, being implemented by the Government. However, to encourage the workers of unorganised sector to voluntarily save for their retirement and to lower the cost of operations of the New Pension System (NPS) for such subscribers, the Central Government launched a co-contributory pension scheme ‘Swavalamban’ on 29.09.2010. The Government of India (GoI) contributes a sum of Rs. 1,000 to each eligible NPS subscriber who contributes a minimum of Rs 1,000 and maximum Rs. 12,000 per annum under the Swavalamban Scheme. The Government has targeted to cover around 10 lakh subscribers each during the 4 years of the Scheme.