Pradhan Mantri Shram Yogi Maandhan

In News

• The Union Minister of State for Labour And Employment replied in the Rajya Sabha that a total 45, 77,295 unorganised workers have been registered under the Pradhan Mantri Shram Yogi Maandhan (PM-SYM) scheme. 
  • Unorganised sectors contribute around 50% of India’s GDP.

Pradhan Mantri Shram Yogi Maandhan (PM-SYM) Scheme

• About:
  • It is a Voluntary and Contributory Pension Scheme under the purview of the Central Sector Scheme,  administered by the Ministry of Labour and Employment and implemented by LIC. 
• Eligibility:
  • The scheme is open for Unorganised Workers.
  • They should not be engaged in the Organized Sector (member of EPFO/NPS/ESIC) or an income taxpayer. 
  • They should be aged between 18-40 years when registering. 
  • Their monthly income should be equal to or less than Rs 15,000 per month.

• Features: 

  • Assured Pension of Rs. 3000/- month after attaining the age of 60 years. After the death of a subscriber, the spouse will get 50% of the pension as a family pension.
  • Matching Contribution by the Government of India.

  • In case of permanent disability, subscribers can continue or exit with the contributed amount.

  • After the death of the subscriber and his or her spouse, the corpus shall be credited back to the fund. 
  • In case the contribution has not been made continuously, the subscriber is allowed to regularise it after payment of outstanding dues, penalty charges, if any, decided by the government.

Significance of this scheme

• It will provide an assured retirement pension and a sense of economic security.
• Improve social security.
• Boost overall economic growth.

Other government interventions for Unorganised Workers

• Rashtriya Swasthya Bima Yojana

• NPS Swavalamban

Source: PIB