Social Security Current Affairs - 2019
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According to Pension Fund Regulatory and Development Authority (PFRDA), the subscriber base of Atal Pension Yojana (APY) has crossed 1 crore subscribers mark since its launch in May 2015. Till date, the scheme has collected Rs. 3,950 crore of contribution from subscribers. It has generated around 9.10% compounded annual growth rate (CAGR) since inception till March 2018.
Top ten states in APY mobilisation are: Uttar Pradesh (1,401,631), Bihar (1,061,660), Tamil Nadu (814,917), Maharashtra (758,695), Karnataka (686,504), Andhra Pradesh (686,504), West Bengal (551,471), Madhya Pradesh (498,111), Rajasthan (497,962) and Gujarat (486,465).
Atal Pension Yojana (APY)
APY was launched in June 2015 with aim to provide affordable universal access to essential social security protection to unorganized work force of country, which constitute more than 85 per cent of the workforce. It had replaced earlier government-backed pension Swavalamban scheme targeted at the unorganised sector.
It is available to all citizens of India in age group of 18-40 years (making minimum period of contribution by subscriber is 20 years). Under scheme, subscriber will receive minimum guaranteed pension of Rs. 1000 to Rs. 5000 per month, depending on his contribution, from age of 60 years. There is no exit to scheme before age of 60. In case of death of subscriber, spouse of subscriber is entitled for same amount of pension till his or her death.
Tags: Atal Pension Yojana • Business • Economy • Government Schemes • Insurance Scheme
Retirement fund body Employees’ Provident Fund Organisation (EPFO) has launched View Pension Passbook Service for pensioners on Umang App. This facility was launched part of EPFO’s plan to go paperless by August this year and provide all services online. It will allow pensioners view their pension passbook on mobile phones with the help of Umang app. EPFO is already providing various e-services for its stakeholders through Umang.
UMANG (Unified Mobile Application for New-age Governance) app aims to build common, unified platform and mobile app to facilitate single point of access for government services (centre, state and utility services) through mobile. It is multi-utility app and integrates with other core government services of Aadhaar, Rapid Assessment System, DigiLocker and Bharat Bill Payment System etc. and supports 13 Indian languages. It has been developed by Ministry of Electronics and Information Technology (MeitY) and National e-Governance Division (NeGD). It had won Best m-Government Service Award for Accessible Government Category at World Government Summit 2018.
Employee Provident Fund Organisation (EPFO)
EPFO is a statutory body of Union Government that comes under the aegis of Ministry of Labour and Employment. It is headquartered in New Delhi. It is one of largest social security organisations in India in terms volume of financial transactions undertaken and number of covered beneficiaries. It administers compulsory contributory Provident Fund Scheme (1952), Pension Scheme (1995) and Insurance Scheme (1976).