Pradhan Mantri Shram Yogi Mandhan Yojana, also known as PMSYM, is a government-backed pension scheme that aims to provide financial security to the unorganized sector workers in India. This scheme was launched by the Indian government in February 2019, targeting workers who fall in the age group of 18 to 40 years working in the unorganized sector and have a monthly income of up to Rs.15,000.
The PMSYM scheme offers a monthly pension of Rs.3,000 to its beneficiaries after they turn 60 years of age. The eligibility criteria for this scheme is simple and straightforward. Anyone who falls in the age group of 18-40 years and is working in the unorganized sector can avail of this scheme by registering themselves through their Common Service Centre or directly through the PMSYM registration portal.
The registration process for PMSYM is simple and hassle-free. The beneficiary needs to provide their Aadhar card number, savings bank account details, and a mobile number. The beneficiary needs to make a monthly contribution ranging from Rs.55 to Rs.200 depending on their age group. The government will also make a matching contribution, which is equal to the beneficiary’s contribution.
The aim of this scheme is to encourage workers to save for their retirement by providing them with a guaranteed pension benefit. By providing financial security to the unorganized sector workers, the scheme also aims to reduce the burden on the social security system of the country. The scheme also offers a range of other benefits, such as a death and disability cover of Rs.2,00,000 in case of untimely death or disability due to an accident.
While the scheme sounds promising, there are some concerns raised by experts, including the low value of the monthly pension, the limited coverage of the scheme, and the possibility of mismatch between the monthly contribution made and the amount of pension received at the time of retirement. Despite these concerns, the government remains committed to the scheme and is confident that it will provide significant benefits to the target beneficiaries.
In conclusion, Pradhan Mantri Shram Yogi Mandhan Yojana is a well-intentioned initiative by the Indian government to provide financial security to the unorganized sector workers and encourage them to save for their retirement. The scheme is easy to implement and offers a range of benefits, but it also faces some challenges that need to be addressed. Despite its limitations, PMSYM holds immense potential to improve the lives of millions of workers in the unorganized sector and reduce the burden on the country’s social security system.