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PM Pension Scheme May Cover 15 Crore Unorganised Workers in Next 3 Years

The PM-SYM scheme, announced in the interim budget 2019 in February, is meant for old-age protection and social security of workers of unorganised or informal sector.

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Updated:August 1, 2019, 11:35 AM IST
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PM Pension Scheme May Cover 15 Crore Unorganised Workers in Next 3 Years
File photo of Prime Minister Narendra Modi. (Reuters)
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The Narendra Modi government’s flagship pension scheme for unorganised workers may cover around 15 crore people over the next three years, labour secretary Hiralal Samariya was quoted as saying by a report in Livemint.

The Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) scheme “is doing well” since its announcement six months ago, Samariya said at a function organized by the Federation of Indian Chambers of Commerce and Industry (Ficci). The government is likely to achieve the 15 crore enrolment target over the next two to three years, of which 5-6 crore workers will be from the construction sector, the labour secretary said.

Samariya also said that even agriculture workers and self-employed retailers can be a part of this pension scheme, according to the report.

The PM-SYM scheme, announced in the interim budget 2019 in February, is meant for old-age protection and social security of workers of unorganised or informal sector. These are mostly those engaged as rickshaw pullers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, home-based workers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio- visual workers or in similar other occupations.

It is a voluntary and contributory pension scheme, under which the subscriber would receive a minimum assured pension of Rs 3,000 per month after attaining the age of 60 years. If the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension as family pension.

The monthly contribution depends on the age of the subscriber, varying from Rs 55 per month for an 18-year-old to Rs 200 for a 40-year-old. A matching amount will be paid by the government into the pension fund.

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| Edited by: Ahona Sengupta
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