PM Shram Yogi Mandhan Scheme


PM Shram Yogi Mandhan Scheme:

  • Prime Minister Narendra Modi launched the Pradhan Mantri Shram Yogi Mandhan (PM-SYM) Yojana at Gandhinagar, Gujarat.
  • The national pension scheme for workers and labourers of unorganised sector was announced in the interim budget by Piyush Goyal in February this year. 

 

Key Facts:

  • It will provide monthly pension of 3000 rupees to the employees of unorganised sector after 60 years of age.
  • Prime Minister Modi also distributed the PM-SYM pension cards to select beneficiaries.

 

Objective:

  • The primary objective of the scheme is to offer financial security to the people with no economic backup facilities.
  • Under this scheme, people working in the unorganized will be able to open their pension accounts, and deposit money on a regular basis.
  • Monthly pension amount – Once the scheme matures, the person will be entitled to attain a monthly pension of Rs. 3000 without fail. It will help the pension holders to meet the financial requirements without any issues.
  • The central government estimate suggests that the successful implementation of this mega pension scheme will offer financial support to around 10 crore individuals, who earn their livelihood from the unorganized sector.
  • The scheme highlights that any interested applicant, who has attained the age of 18 years will be able to deposit money in the scheme till 40 years.

 

Conclusion:

The scheme is touted as to become the world’s biggest pension scheme for the unorganised sector in five years. The scheme is designed as a tribute to the workers in the unorganised sector who contribute around 50 per cent of the country’s Gross Domestic Product (GDP).