New Delhi: All unorganised sector workers up to 40 years of age can subscribe to the Pradhan Mantri Shram Yogi Maandhan (PMSYM) scheme, which entails a minimum monthly pension of Rs 3,000, from February 15, a Labour Ministry notification said Saturday.
The scheme, announced by acting Finance Minister Piyush Goyal in the Budget for 2019-20, is targetted at unorganised sector workers with monthly income of up to Rs 15,000. Goyal had said it would benefit 10 crore workers in the next five years.
The scheme would provide them an assured pension of Rs 3,000 from the age of 60 years on a monthly contribution of a small amount during their working life.
“This Scheme may be called the Pradhan Mantri Shram Yogi Maandhan, 2019. It shall come into force on the 15th day of February, 2019… the unorganised workers have option to become the members of the Scheme, on and from the 15th day of February, 2019,” the notification issued by the Labour Ministry said.
The minimum monthly contribution by the worker joining the scheme would be Rs 55, with matching contributions from the government.
The contributions would rise at higher age. The worker joining the scheme at the age of 40 years would contribute Rs 200, while workers at the age of 29 years would pay Rs 100.
The scheme will cover unorganised workers who are working or engaged as home based workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, rickshaw pullers, landless labourers, agricultural workers, construction workers, among others.
However, the worker who wishes to join the scheme must have a savings bank account in his/her name and an Aadhaar number.
The scheme also provides that if a subscriber has given regular contributions and died due to any cause, his spouse shall be entitled to continue with the scheme subsequently by payment of regular contribution.
The spouse can also exit the scheme by receiving the share of contribution paid by deceased subscriber along with accumulated interest.
In case of death of a pensioner, his or her spouse shall be only entitled to receive 50 per cent of the pension.
PTI
