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NPS- Swavalamban Scheme
NPS- Swavalamban Scheme
RUDSETI & Dabur launches Swavalamban to train village youth
New Delhi: Rural Development and Self-Employment Training Institute (RUDSETI) and Dabur India in a joint statement announced, where youth from villages will be provided with free technical training and skill development. And the very same will also help in improving employability.
The programme, Swavalamban, is aimed at providing not only training to rural youth in three key areas of sales, merchandising and promotion but also guaranteed employment after the training.
Announcing the launch of the social initiative on April 13, Dabur India’s head-global human capital and CSR (corporate social responsibility), A Sudhakar said, “As a country, India will also have a strong surplus in working population (age 15-50) by 2020, which should help us maintain the momentum on this growth story. A significant portion of this demographic dividend lies in rural areas, which will be one of the important growth engines in future.”
To leverage this advantage, it is imperative that companies focus on skill building and vocational training to make the youth employable in the organised sector, said Sudhakar.
The objective of this initiative is to identify the training needs of the rural youth, provide training through a well-planned and designed curriculum, engage youth in business process and contribute to nation building and economic development of the country, said the company’s release.
Speaking on the occasion, KP Pant, director, RUDSETI-Ghaziabad, said, “Looking at the great demand for skilled personnel in the area of merchandising, sales and trade promotion in the area a new course has been developed in association with Dabur India, wherein we expect to train unemployed and unskilled youth. We are very optimistic that at the end of the intervention and after imbibing the requisite skills, these youth will be absorbed by the industry.”
PFRDA chief eyes 20% coverage of the poor by FY18
In new development, PFRDA announced that they are aiming to increasing pension coverage for the deprived section to 15-20 per cent over the next few years.
“Today pension coverage in the unorganised sector is a poor 3-4 per cent and we want to take it to 15-20 per cent in the next two-three years,” Pension Fund Regulatory and Development Authority (PFRDA) Chairman Hemant Contractor told reporters on the sidelines of an event here.
He said the Swavalamban scheme, which is a part of the Jan Dhan Yojana, is likely to bring in more people from the vulnerable sections under the ambit of formal pension system.
Swavalamban is a government’s initiative wherein it co-contributes Rs 1,000 per annum to all eligible pension accounts.
“The Swavalamban scheme will be included in the second phase of the financial inclusion drive .. after this we should be able to see much faster growth in coverage for the unorganised sector,” Contractor said, adding so far, around 36-37 lakh subscribers have opened accounts under the Swavalmban scheme.
He also has asked the government to continue with its contribution of Rs 1,000 for a longer period.
“In the Swavalamban scheme, the government makes a co-contribution of Rs 1,000 and it is valid till 2016-17. So, we have made a request that they should continue (to make investment) for next 20-25 years,” Contractor said.
He said total pension corpus stands at Rs 80,000 crore currently and it can increase further given the large section of the public still uncovered.
To a query over the possibility of merging the two retirement savings-the Employee Provident Fund (EPF) and New Pension Scheme (NPS), he said there is no such proposal.
The regulator is widening the scope and the coverage of the instruments that could be included for investment under the corporate bonds portfolio, he said adding, “I don’t see any appetite for corporate bonds diminishing going forward.”
PFRDA has asked the government to change tax status given to pension scheme and make it at par with EPFO and PPF.
“We currently have a EET (exempt exempt taxed) status and we have asked for a EEE (exempt, exempt, exempt) status like EPF and PPF accounts enjoy. The government is examining it,” Contractor said.