First Ever Exclusive Pension Scheme For The Unorganized Workers

In yet another First of its Kind, the Govt. of India under the leadership of Hon’ble Prime Minister Shri. Narendra Modiji has launched a Pension Scheme exclusively for the Unorganized Workers.

Even after 70 years of independence, till this date, Not a single central government in this nation has taken any trouble towards providing a standard, clear and an exclusive pension scheme for the Unorganized Workers.

Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) is a voluntary contribution pension scheme which is designed exclusively to provide social security and old-age monetary support for workers in Unorganized sector.

Domestic workers, mid-day meal workers, home based workers, landless laborers, street vendors, cobblers, rag pickers, rikshaw pullers, head loaders, brick kiln workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio-visual workers, own account workers, washer men and similar other occupations are all covered in this scheme.

This scheme is applicable to all such unorganized workers provided that the worker is of age between 18 to 40 at the time of registration and the worker’s monthly income is Rs. 15000 or below.

This scheme is not applicable to any worker who is from organized sector i.e. the worker is entitled to either of EPF, NPS or ESIC, or the worker is an income tax payer.

The only documents required to register for this scheme are

  1. Aadhaar card
  2. Savings or Jan Dhan bank account number and branch IFSC code

The worker can approach help desk of any Labour office of State or Central Govt. any branch office of LIC, any office of ESIC / EPFO to get all the information and details related to the scheme its benefits and procedures to follow.

For the enrolment the worker can visit any of Common Services Centers in the country. The nearest CSC can be found from the following link: http://locator.csccloud.in

Every worker subscriber in this scheme will be entitled to the assured pension of Rs. 3000/- per month after attaining the age of 60 years. In the event of death of the subscriber the spouse of the subscriber shall be entitled to 50% of the pension.

Media: Link

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