PM Modi launches mega PMSYM pension scheme

Prime Minister Narendra Modi launched the Pradhan Mantri Shram Yogi Maan Dhan Yojana (PMSYM) on March 5.

The scheme is aimed at providing an assured monthly pension of Rs 3,000 for workers in the unorganised sector with a monthly income of up to Rs 15,000, from the retirement age (60 years). This will be on a monthly contribution of a small amount during their working age.

The scheme was announced by interim Finance Minister Piyush Goyal during this year's Interim Budget speech on February 1.

Goyal had said: “An unorganised sector worker joining pension yojana at the age of 29 years will have to contribute only Rs 100 per month until the age of 60 years.”

The Centre will contribute an equal amount per month-per person availing the scheme.

Goyal had announced that at least 10 crore labourers and workers in the unorganised sector are expected to benefit from PMSYM within the next five years, “making it one of the largest pension schemes of the world”.

The Centre had allocated Rs 500 crore for the scheme.

The launch comes days ahead of the Election Commission of India (EC) announcing the Lok Sabha election dates. Upon announcement of the date, the model code of conduct would be imposed.