Prime Minister Narendra Modi on Tuesday launched the Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) - a pension scheme for the unorganised sector.
Interacting with beneficiaries at Ahmedabad's Vastral, the Prime Minister said there are more than 40 crore people who can avail the benefits of this scheme.
"This is a good scheme. If something happened to you, your family member can either take the money with interest or can join the scheme. Our government is working in such a way that you can live your life without worry," he said.
Prime Minister Modi went on to say: "There are more than 40 crore people in the country including maids, farmers, those employed under Mahatma Gandhi National Rural Employee Guarantee Act (MGNREGA) who can avail the benefits of this scheme. This is our responsibility to tell people that this is your money and will be there even."
"Some people may be telling you if you deposit money in the scheme, you will get nothing. But this is a national scheme and you don't have to fear," he added.
Gujarat Chief Minister Vijay Rupani and MoS (IC) Labour & Employment Santosh Gangwar were also present at the event.
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Speaking at the launch of PM-SYM, Gangwar said that more than 14.5 lakh unorganised workers have been enrolled so far.
PM-SYM scheme was announced in the Interim Budget, notified by the Ministry of Labour and Employment. As many as 42 crore workers are estimated to be engaged in the unorganized sector of the country.
The unorganised workers mostly engaged as home-based workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washermen, rickshaw pullers, landless labourers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio-visual workers and similar other occupations whose monthly income is Rs 15,000/ per month or less and belong to the entry age group of 18-40 years are eligible for the scheme.
These people should not be covered under the New Pension Scheme (NPS), Employees' State Insurance Corporation (ESIC) scheme or Employees' Provident Fund Organisation (EPFO). Further, he/she should not be an income taxpayer.
PM-SYM is a voluntary and contributory pension scheme on a 50:50 basis where prescribed age-specific contribution shall be made by the beneficiary and the matching contribution by the Central Government as per the chart.
Under the PM-SYM, each subscriber shall receive a minimum assured pension of Rs 3000/- per month after attaining the age of 60 years. If a beneficiary has contributed regularly and died due to any cause (before age of 60 years), his/her spouse will be entitled to join and continue the scheme subsequently by payment of regular contribution or exit the scheme as per provisions of exit and withdrawal.
"The scheme is very good. I thank you for thinking about us and giving us pension," said a beneficiary.