CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The Pradhan Mantri Shram Yogi Maandhan (PM-SYM) is a pension scheme introduced by the Government of India to provide social security to workers in the unorganised sector. Launched in the Interim Budget of 2019, the scheme ensures that eligible workers receive a monthly pension of Rupees 3,000 once they reach 60 years of age, addressing the financial needs of millions of informal sector workers who contribute significantly to the economy.
Context And Significance
The unorganised sector includes workers involved in a wide range of informal jobs such as street vendors, domestic help, and agricultural laborers. By the end of 2024, over 30.51 crore workers had registered on the e-Shram portal, highlighting the immense size of this workforce. These workers contribute nearly half of India’s Gross Domestic Product (GDP), underlining the importance of their financial security.
Key Features Of PM-SYM
The scheme provides several important benefits to eligible participants:
Guaranteed Pension - Beneficiaries are entitled to receive Rupees 3,000 per month after turning 60.
Government Support - The government contributes an equal amount to the worker’s contribution, on a one-to-one basis.
Voluntary Participation - Workers can select their contribution amount based on their personal financial situation.
Family Pension - In case of the participant's death, the spouse is eligible to receive 50% of the pension as a family pension.
Exit Options - Participants may exit the scheme under certain circumstances.
Simple Enrollment Process - Enrollment can be done easily at Common Service Centres (CSCs) or through the official Maandhan portal.
Fund Management - The scheme is managed by the Life Insurance Corporation of India (LIC), ensuring its credibility and stability.
Eligibility Criteria
To be eligible for the PM-SYM, individuals must meet the following requirements:
Age - The participant must be between 18 and 40 years old.
Income - Monthly income should not exceed Rupees 15,000.
Employment - The applicant must work in the unorganised sector.
Exclusions - Those already covered under the Employees' Provident Fund (EPF), Employees' State Insurance Corporation (ESIC), or the National Pension System (NPS), as well as income taxpayers and individuals already receiving pensions from other government schemes, are not eligible.
Implementation And Administration
The Ministry of Labour and Employment is responsible for overseeing the PM-SYM scheme, in partnership with the Life Insurance Corporation of India (LIC) for pension management and Common Service Centres (CSCs) for enrollment. This collaborative effort ensures effective implementation and easy access for workers in the unorganised sector.
Through this initiative, the government aims to provide social security to the vast and often overlooked workforce in India's informal sector, improving their financial stability in their later years.
Welcome to Notopedia.com, your free learning platform that caters to the diverse needs of students and aspirants across a spectrum of entrance exams and educational endeavors. Whether you're preparing for highly anticipated exams like CAT 2023, NEET 2023, JEE Main, or bank job vacancies, our platform offers a wealth of resources to guide you towards success. Stay up-to-date with the latest exam dates, announcements, and results for various government recruitment exams, including SSC CGL, CHSL, NDA, and UPSC. Explore comprehensive study materials, sample papers, and exam patterns to hone your skills and boost your confidence. From important dates like CBSE Class 10 and 12 date sheets to exam-specific information like JEE Main 2023 application form date, we cover it all. Notopedia.com is your go-to source for everything from admissions and admit cards to scholarships and college information. Whether you're aiming for a career in defense, government, banking, or higher education, our free learning platform equips you with the knowledge and resources you need to excel. Join us in your educational journey and unlock a world of opportunities, guidance, and comprehensive support.
For more Updates and Information - Visit Notopedia's Bulletin Board
For Latest Sarkari Jobs - Visit Notopedia's Sarkari Jobs Section
For access to more than 20,000 Colleges - Visit Notopedia's College Section
For School Studies and Exams Preparation across 14 Boards - Visit Notopedia's School Section
For Comprehensive Preparation of Sarkari Job Exams - Visit Notopedia's Sarkari Exams Section
