{"id":8191,"date":"2020-05-25T15:56:01","date_gmt":"2020-05-25T10:26:01","guid":{"rendered":"https:\/\/triumphias.com\/blog\/?p=8191"},"modified":"2020-05-25T15:56:01","modified_gmt":"2020-05-25T10:26:01","slug":"pradhan-mantri-vaya-vandana-yojana","status":"publish","type":"post","link":"https:\/\/triumphias.com\/blog\/pradhan-mantri-vaya-vandana-yojana\/","title":{"rendered":"Pradhan Mantri Vaya Vandana Yojana"},"content":{"rendered":"<section class=\"hero-section\" data-type=\"type-1\" data-alignment=\"left\">\n<header class=\"entry-header\">\n<h1 class=\"page-title\"><span style=\"color: #0000ff;\">Relevance: Prelims: Governance<\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/i1.wp.com\/www.thebulletintime.com\/wp-content\/uploads\/2020\/05\/Pradhan-Mantri-Vaya-Vandana-Yojana.jpg?fit=600%2C600&amp;ssl=1\" alt=\"Pradhan Mantri Vaya Vandana Yojana Pension Scheme: Check PM Vaya ...\" \/><\/p>\n<p><strong>Why in news?<\/strong><\/p>\n<\/header>\n<\/section>\n<div class=\"entry-content\">\n<p>\u2022 Union Cabinet has approved the extension of Pradhan Mantri Vaya Vandana Yojana (PMVVY) up to 31st March 2023 for a further period of three years beyond 31st March 2020 to enable old age income security for Senior Citizens.<\/p>\n<p><b>Key highlights of cabinet decisions:<\/b><\/p>\n<p>\u2022 It has allowed initially an assured rate of return of 7.40 % per annum for the year 2020-21 per annum and thereafter to be reset every year.<\/p>\n<p>\u2022 There will be an annual reset of the assured rate of interest with effect from April 1st of the financial year in line with the revised rate of returns of Senior Citizens Saving Scheme (SCSS) up to a ceiling of 7.75% with the fresh appraisal of the scheme on breach of this threshold at any point.<\/p>\n<p>\u2022 Expenditure is to be incurred on account of the difference between the market rate of return generated by LIC (net of expenses) and the guaranteed rate of return under the scheme.<\/p>\n<p>\u2022 Management expenses are capped at 0.5% p.a. of funds of the scheme for the first year of scheme in respect of new policies issued and thereafter 0.3% p.a. for the second year onwards for the next 9 years.<\/p>\n<p>\u2022 It has delegated the authority to Finance Minister to approve the annual reset rate of return at the beginning of every financial year.<\/p>\n<p>\u2022 The minimum investment has also been revised to Rs.1,56,658 for the pension of Rs.12,000\/- per annum and Rs.1,62,162\/- for getting a minimum pension amount of Rs.1000\/- per month under the scheme.<\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #0000ff;\"><strong>For more such notes, Articles, News &amp; Views Join our Telegram Channel.<\/strong><\/span><\/p>\n<p><a title=\"Telegram Link\" href=\"https:\/\/t.me\/triumphias\" target=\"_blank\"><span style=\"color: #ff0000;\"><strong>https:\/\/t.me\/triumphias<\/strong><\/span><\/a><\/p>\n<p><strong><span style=\"color: #0000ff;\">Click the link below to see the details about the UPSC \u2013Civils courses offered by Triumph IAS.<\/span> <span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" title=\"Courses available\" href=\"https:\/\/triumphias.com\/pages-all-courses.php\">https:\/\/triumphias.com\/pages-all-courses.php<\/a><\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Relevance: Prelims: Governance Why in news? \u2022 Union Cabinet has approved the extension of Pradhan Mantri Vaya Vandana Yojana (PMVVY)<\/p>\n","protected":false},"author":1,"featured_media":7214,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[123],"tags":[392],"class_list":["post-8191","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs","tag-union-public-service-commission-upsc"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts\/8191","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/comments?post=8191"}],"version-history":[{"count":1,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts\/8191\/revisions"}],"predecessor-version":[{"id":8192,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts\/8191\/revisions\/8192"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/media\/7214"}],"wp:attachment":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/media?parent=8191"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/categories?post=8191"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/tags?post=8191"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}