World’s Biggest Pension Scheme For Unorganised Workers Launched: 42 Cr Indians Will Get Rs 3000/Mo

Govt. of India has launched the world’s largest pension scheme for the workers in the unorganized sector: Prime Minister Shram Yogi Maandhan Yojana (PM-SYM).

Now, more than 40 crore such workers can get Rs 3000 per month pension after their retirement age.

But, who all are eligible for this pension offer? And how will it work?

World’s Biggest Pension Scheme For Unorganized Sector

During the interim budget announcement, a pension scheme for workers from the unorganized sector was mentioned by Union finance minister Piyush Goyal. Yesterday, PM Modi officially announced this mega scheme.

This was a much-needed pension scheme for unorganized sector, as the present pension schemes run by private and public enterprises only focuses on salaried, blue-collar job holders or Govt. employees/entrepreneurs who file their taxes.

There are more than 40 crore workers in the unorganized sector, and there has been no pension scheme for them, till now.

This launch of the Prime Minister Shram Yogi Maandhan Yojana (PM-SYM) has been done days before the General Elections, dates of which will be soon announced by the Election Commission.

Who Are Eligible For This Pension Scheme?

There are 150 professions, which are classified under the unorganized sector. Employees working these 150 unorganized sectors are eligible for this pension scheme. Rs 15000 per month is the income threshold for the eligible employees.

This can include Street vendors, rickshaw pullers, construction, domestic help, agricultural, beedi, leather and handloom workers, rag pickers and more.

While 42 crore workers from the unorganized sector are directly eligible for this pension scheme, 10 crore workers are expected to get enrolled in the next 10 years.

How Will This Work?

Unorganized workers who wish to get enrolled under this scheme will need to pay Rs 100 per month as installment. This comes out to be Rs 3 per day contribution, which is certainly feasible. Once they pay Rs 100 per month, the unorganized workers will get a monthly pension of Rs 3000 per month, after the retirement age of 60 years.

This scheme is open for workers between 18 years to 40 years.

As per some reports, Aadhaar and Jan Dhan account are mandatory for being able to receive the pension, after 60 years of age. The enrollments can be done via Common service centres (CSC).

Is This Pension Scheme Live?

Yes, the pension scheme is now live in states like Tamil Nadu, Gujarat where thousands of unorganized workers have already enrolled for the same.

In Chennai, the scheme was launched by dignitaries such as Defence Minister Nirmala Seetharaman accompanied by State Labour Minister Nilofer Kafeel, Fisheries Minister D Jayakumar, Rural Industries Minister P Benjamin.

20,000 workers from the unorganized sector have enrolled on Day 1 of the launch in Tamil Nadu.

In Gujarat, more than 1.5 lakh workers and laborers have enrolled in this scheme.

We will keep you updated, as we receive more details.

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