Pension Scheme for Unorganized Sector Workers Enrolls 31 Lakh In Last 5 Months

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Close to 31 lakh people have enrolled into Modi government’s pension scheme for unorganised sector workers Pradhan Mantri Shram Yogi Maandhan (PM-SYM) in less than five months from its launch.

Launched on 15 February, the scheme was part of the interim budget. The scheme, which is voluntary, had 30.85 lakh enrollments till 10 July. The scheme is implemented through the Life Insurance Corporation (LIC).

The scheme had been launched keeping in mind the large pool of unorganised sector workers who do not have a means of livelihood after they pass the working age and have to be dependent on family and society for their needs. The scheme is open to workers who make less than Rs 15000 per month and are not covered by other pension schemes like NPS.

Open to workers from ages 18-40, it guarantees a pension of Rs 3000 per month after attaining an age of 60 years. Under the scheme, the subscriber is required to pay an prescribed monthly contribution amount and the Central Government provides an equal matching contribution. The person’s contribution depends on the age he joins the scheme. Contributions can be as less as Rs 100 per month depending on the age.

The maximum number of beneficiaries for the scheme hailed from Haryana at 6 lakh followed by Maharastra and Uttar Pradesh.