Prime Minister Shram Yogi Maandhan Yojana (PM-SYM) has been launched. The effective scheme is aimed at extending pension benefits to the workers in the unorganized sector. It attracts workers earning INR 15,000 or less.
Reportedly, the scheme guarantees a minimum of INR 3,000 as the pension on attaining the age of 60. The prerequisites to register for the scheme include, the income of the worker should not be subject to tax and uncovered under any other pension scheme, ESI or EPF schemes. The registrations for the scheme has commenced.
Under the scheme, both the beneficiary and the Centre contributes on a 50:50 basis while the latter has allocated INR 500 crore for the scheme. The initiative is expected to benefit more than 40 crore workers in the unorganized sector.
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