PM Narendra Modi to launch Pradhan Mantri Shram Yogi Mandhan Yojana (#PMSYM) today at in Gandhinagar

The Prime Minister, Shri Narendra Modi launches the various development projects, at a function, in Daman on February 24, 2018.

New Delhi: Prime Minister Narendra Modi to launch Pradhan Mantri Shram Yogi Mandhan Yojana (PMSYM) -national pension scheme for workers and labourers- today in Gandhinagar.

At Vastral, Prime Minister will mark the launch of the pension scheme for unorganized sector workers, the Pradhan Mantri Shram Yogi Maan-dhan, through the online fund transfer to beneficiaries. He will also distribute PM-SYM Pension Cards to select beneficiaries.

About PM-SYM

In the interim budget for 2019-20, Government of India introduced a mega pension scheme namely Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) to ensure old age protection for unorganized Workers, whose monthly income is Rs 15,000/ per month or less

It is a voluntary and contributory pension scheme, where each subscriber under the PMSYM, shall receive minimum assured pension of Rs 3000- per month after attaining the age of 60 years.

A contribution matching the age specific contribution of the beneficiary will be made by the Central Government.

It is expected that at least ten crore workers in the unorganized sector will avail the benefit of Pradhan Mantri Shram-Yogi Maandhan within next five years.

About half of India’s GDP comes from over forty crore workers in the unorganised sector, mostly working as street vendors, rickshaw pullers, construction workers, rag pickers, agricultural workers, beedi workers, handloom, leather and numerous other similar occupations.

The PM-SYM along with the health coverage provided under ‘Ayushman Bharat’ and life & disability coverage provided under ‘Pradhan Mantri Jeevan Jyoti Bima Yojana’ and ‘Pradhan Mantri Suraksha Bima Yojana, will ensure comprehensive social security coverage for the workers in the unorganized sector at their old age.