The Ministry of Labor & Employment vide press release dated 23 March, 2023 has published the details of the Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) scheme to provide old age pension to unorganized sector workers. As per the Unorganized Workers’ Social Security Act, 2008, the Government is mandated to provide Social Security to the workers of unorganized sector including vendors and street side workers by formulating suitable welfare schemes on matters relating to life and disability cover, health and maternity benefits, old age protection etc.
In order to provide old age protection, the Government of India launched Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) pension scheme in 2019. It provides monthly pension of Rs. 3000/- after attaining the age of 60 years. The workers in the age group of 18-40 years whose monthly income is Rs. 15000/- or less and not a member of EPFO/ESIC/NPS (Govt. funded) can join the PM-SYM Scheme. Under this scheme 50% monthly contribution is payable by the beneficiary and equal matching contribution is paid by the Central Government. Under the scheme, the fund towards Government’s contribution is provided to LIC being the fund manager.
