Driving Naari Programme launched in Chandigarh
Chandigarh, With a view to promote Pension Scheme amongst rural masses especially Farmers, Punjab State Farmers Commission and Punjab Agro today signed a Memorandum of Understanding with UCO Bank.
Disclosing this here today an official spokesperson of the Punjab Agro said that National Pension Scheme regulated by Government of India through Pension Fund Regulatory and Development Authority (PFRDA) was introduced in the year 2004. He said that the objective of this scheme was to provide old age income security to the farmers and currently about 70 lac persons have enrolled themselves to be the members of this scheme with a total contribution of about 56000 Crores. He said that however, the scheme has not been able to attract rural masses due to lack of awareness and proper platform for opening the accounts and contributing funds.
After singing of MoU Mr. K.S. Pannu, IAS, MD, Punjab Agro stated that the graying of population in Punjab is to impact the social and economic structure of the society. He said that the annual growth rate of population in Punjab has declined from 1.85% in the previous decade to 1.30% in the decade ending 2011 as per the census data. He said that the proportion of children in the total population has also declined by 2.40% in this period, whereas the average life expectancy in the last 10 years has increased by 8 years and currently this is about 75 years, which is in contrast with life expectancy of 55 years four decades back. Mr. Pannu further said that due to slowing of population growth rate and increase in longevity, the traditional family support system for older population is to face a severe social and economic strain, the symptoms of which are already visible in society. Therefore, there is dire need for old age economic security from regular income through the system of pension arising from contribution by a person during his young age in a pension fund regulated by Government.
Dr. G.S. Kalkat, Chairman, Punjab State Farmers Commission stated that there is a need to create awareness amongst rural population to contribute in the pension fund, so that regular income could be obtained when a person grows old. He stated that Agriculture Department and Punjab Agro shall work closely with UCO Bank to sensitize the people to open their pension accounts and deposit funds on half yearly basis, so that sufficient capital is generated to guarantee old age pension when a person turns 60 years of age.
Mr. V. K. Srivastava, GM, UCO Bank stated that any citizen in the age group of 18-60 years can enroll in NPS by opening an account in block level branches of UCO Bank where he will be given a Unique Permanent Retirement Account Number. A person can contribute Rs. 6000/- and above annually in the fund which shall be invested by PFRDA resulting in creation of substantial corpus of money to ensure regular monthly income when a person turns 60 years. He stated that the pension fund shall be transferred to the nominee after his death.
