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|Prime Minister||Manmohan Singh|
Swavalamban Yojana was a government-backed pension scheme targeted at the unorganised sector in India. It was applicable to all citizens in the unorganised sector who joined the National Pension Scheme (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA) Act 2013.
Under the scheme, the Government of India contributed ₹1,000 (US$15) per year to each NPS account opened in the year 2010-11 and for the next three years, that is, 2011-12, 2012-13 and 2013-14. The benefit was available only to people who joined the NPS with a minimum contribution of ₹1,000 (US$15) and maximum contribution of ₹12,000 (US$180) per annum.
The scheme was announced by the Finance Minister in Budget 2010-11. It was funded by grants from the Government of India.
This scheme has been replaced with Atal Pension Yojana, in which all subscribing workers below the age of 40 are eligible for pension of up to ₹5,000 (US$74) per month on attainment of 60 years of age.