Prime Minister Narendra Modi on his visit to Gujarat launched a pension scheme called Pradhan Mantri Shram-Yogi Maandhan Yojana (PM-SYM) today. The scheme will benefit workers in the unorganised sector who earn up to Rs. 15,000 per month. The Pradhan Mantri Shram Yogi Maandhan Yojana will provide these workers an assured pension of Rs. 3,000 per month after they turn 60 years.

The scheme, which was announced in the Union Budget in February this year, is a voluntary and contributory pension scheme for workers.

The Pradhan Mantri Shram Yogi Maandhan Yojana is aimed at benefiting 10 crore workers under the unorganised sector including household helps, rickshaw pullers, agricultural labourers and beedi workers.

If successful, the mega pension scheme can become the world’s biggest pension scheme for the unorganised sector in the next five years.

During the launch of the scheme, the Prime Minister said, “This scheme is aimed at the uplift of the section of society which has been ignored and left at the mercy of God. They (Congress) gave slogans of garibi hatao (end poverty). Some projected themselves as messiah of workers. But during their tenure they did not launch such a scheme.”

According to the scheme, a worker joining the scheme at 29 years of age or above will have to contribute Rs. 100 per month while those joining at the age of 18 will have to contribute Rs.55 per month.

The Pradhan Mantri Shram Yogi Pension Yojana (PM-SYM) will be in addition to the life insurance scheme under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and accident insurance scheme under the Pradhan Mantri Suraksha Bima Yojana (PMSBY).

Related Updates

PM Modi Launches Mega Pension Scheme For Workers: Know All About It

Sukanya Samriddhi Yojana: How to transfer account from the post office to banks