The Union Cabinet on 12 April 2012 approved the extension of funding
support for implementing the Swavalamban Scheme under the New Pension
System (NPS) from three years to five years for all subscribers enrolled
during 2010-11, 2011-12 and 2012-13.
The exit norms of the scheme were also relaxed to enable
subscribers under Swavalamban to exit at age 50 instead of 60, or a
minimum tenure of 20 years, whichever is later.
The Cabinet decided to provide an additional funding support of
Rs 2065 crore to the scheme till 2016-17. The cabinet’s decision will
benefit 70 lakh workers in the unorganised sector.
