The Government of Rajasthan on November 26th 2024 launched the Chief Minister Vishwakarma Pension Scheme 2024 to provide financial support and security to workers, street vendors, and folk artists, ensuring their well-being in old age.
This voluntary and contributory pension scheme aims to address challenges faced by unorganised sector workers and offer them assistance as they age.
Key Features of the Scheme:
Eligibility:
Unorganised sector workers, street vendors, and folk artists in Rajasthan are eligible to join the scheme, provided they meet certain criteria such as income thresholds, age limits, and registration requirements.
The scheme is open to individuals aged 18 to 45 who do not already benefit from other government pension schemes such as NPS, ESIC, or EPF.
Pension Amount:
Subscribers to the scheme will receive a monthly pension of Rs. 3,000 upon reaching the age of 60.
The pension will be in addition to the Chief Minister’s Old Age Samman Pension, ensuring that eligible subscribers receive enhanced financial support.
Contributions:
The scheme is based on a contributory model, where eligible individuals will make regular monthly contributions, alongside a state contribution from the government.
The contribution amount is determined based on the subscriber’s age at the time of joining the scheme.
Family Pension:
In the event of the pensioner’s death, the spouse will be entitled to receive 50% of the pension as a family pension.
Registration Process:
Beneficiaries can register for the scheme through an online process, and cooperation from various state departments will be sought to facilitate smooth enrollment.
Exiting the Scheme:
If a subscriber exits the scheme before the age of 60, they will receive their contributions back, along with interest, depending on how long they have been a part of the scheme.
Disability Clause:
If a subscriber becomes permanently disabled before reaching the age of 60, their spouse will have the option to continue contributing to the scheme or withdraw the funds.
Digital Management:
To streamline the process, the scheme will be integrated with a web portal and mobile app for activities such as beneficiary management, contribution tracking, grievance redressal, and claim settlement.
Support for Folk Artists:
Folk artists can also participate in the scheme if they are native to Rajasthan and meet income criteria (monthly income below Rs. 15,000). The scheme offers them additional financial security as they age.
Integration with National Schemes:
Eligible beneficiaries who join the scheme between the ages of 18 to 40 years will also be included in the Pradhan Mantri Shram Yogi Maandhan Yojana (PMSYM). For workers aged 41 to 45 years, the Rajasthan government will cover the difference in contributions that would typically be provided under the PMSYM scheme.
Additional Provisions:
Damages for Default: Subscribers who default on contributions will be allowed to regularize their payments with interest.
Government Contribution: The state government will also contribute to the pension fund, ensuring that the pension scheme remains financially viable.
Objective:
This scheme aims to empower vulnerable sections of the workforce by ensuring that they have a reliable source of income when they reach old age, especially in sectors like street vending, folk arts, and unorganised labor. The Rajasthan government’s initiative is expected to positively impact thousands of workers, providing them with a safety net and contributing to their overall welfare.
Through this scheme, Rajasthan is setting a model for providing financial security to those working in informal sectors, while promoting inclusivity and offering economic empowerment to its citizens.
