PM Shram Yogi Maandhan: Modi launches pension scheme for unorganised sector; key things to know

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Published: March 5, 2019 3:52:40 PM

With an aim to extend social security cover to the unorganised sector, Prime Minister Narendra Modi on Tuesday launched the Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM).

pm modi launch pradhanmantri shram maandhan yojana in gujaratThe scheme assures monthly pension of Rs 3000 for the enrolled unorganised workers during their old age.

With an aim to extend social security cover to the unorganised sector, Prime Minister Narendra Modi on Tuesday launched the Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM). He also distributed the PM-SYM pension cards to select beneficiaries at the event held in Gujarat’s Vastral.

The scheme assures monthly pension of Rs 3000 for the enrolled unorganised workers during their old age.

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Since independence, it’s for the first time that such a scheme has been envisaged for the workers in the informal sector, Modi said. The central government will contribute an equal amount as the beneficiary, he added. He also appealed to the such workers who earn less than Rs 15000 per month to enroll as beneficiaries in the nearby Common Service Centre.

The pension scheme was announced in the Union Budget of this year. The scheme assures a monthly pension of Rs 3,000 to unorganised workers after attaining the age of 60 years. The government has given the responsibility to implement the same to LIC.

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Meanwhile, last month, Prime Minister Narendra Modi Sunday launched the ambitious Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme transferring the first instalment of Rs 2,000 each to over one crore farmers.

In the interim Budget 2019-20, the central government had announced the PM-KISAN scheme under which Rs 6,000 per year will be given in three instalments to 12 crore small and marginal farmers holding cultivable land up to two hectares.

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