Govt. of India has launched the world’s largest pension scheme for the workers in the unorganised sector: Prime Minister Shram Yogi Mandhan (PM-SYM) Yojana. In the interim Budget in February this year, the national pension scheme for workers and labourers of the unorganised sector was mensioned by Union Minister Piyush Goyal. Yesterday, PM Modi officially announced this mega scheme. It provides for a monthly pension of ₹3,000 to the employees of the unorganised sector after 60 years of age.

During the national launch from Ahmedabad, Mr. Modi also distributed the PM-SYM pension cards to select beneficiaries and claimed that for the first time in independent India, workers of the unorganised sector would be entitled to monthly pension.

According to the local news PM said, the new scheme is the extension of various social security schemes implemented during the last five years of the NDA government. According to him, 42 crore workers from the unorganised sector are eligible for this pension, 10 crore workers are expected to get enrolled in the next 10 years.

Unorganized workers who wish to get enrolled under this scheme will need to pay Rs 100 per month as installment. This comes out to be Rs 3 per day contribution, which is certainly feasible. Once they pay Rs 100 per month, the unorganized workers will get a monthly pension of Rs 3000 per month, after the retirement age of 60 years.

This scheme is open for workers between 18 years to 40 years.

As per the local reports, Aadhaar and Jan Dhan account are mandatory for being able to receive the pension, after 60 years of age. The enrollments can be done via Common service centres (CSC).

Commenting on the opposition party he said “This scheme is aimed at to uplift the section of society which has been ignored and left at the mercy of God. They (Congress) only gave slogans for Garibi Hatao (remove poverty). What they could not do in 55 years this government has done in 55 months”.

  NARENDRA MODI, workers