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Govt Schemes Current Affairs August 1st Week 2019
Author : Admin
Category : Schemes
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Govt Schemes Current Affairs August 1st Week 2019

Government aims to enrol million workers under PM pension scheme:

Union government enrol around 150 million workers over the next three years under the scheme Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM). The pension scheme will benefit a large pool of people who earn less but form a large part of the labour market. The National Democratic Alliance (NDA) government is targeting the bottom of the pyramid through various policy interventions, realising that they are a significant political constituency.

Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) Scheme:

The government is likely to achieve the 150 million number over the next two to three years. The total enrolment, 50-60 million workers will be from the construction sector.The government announced the scheme in February 2019 interim budget, promising to provide pension of ?3,000 per month. There is a monthly contribution till the age of 60 years to get an assured pension of ?3,000 every month.The 18-year-old starts out by paying ?55 per month, which moves up to ?80 at the age of 25, and ?105, ?150 and ?200 for those aged 30, 35 and 40, respectively. When a regular contributor dies before the age of 60, the spouse will be entitled to join and continue the scheme by regular contribution or exit the scheme. Around 8% of the labour market are formal sector employees and social security benefits, including provident funds, pensions available.


 

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