Prime Minister Narendra Modi today unveiled the mega pension scheme Pradhan Mantri Shram Yogi Maan Dhan Yojana (PMSYM). The scheme aims to provide workers in the unorganized sector with monthly earnings of up to Rs. 15,000 a fixed pension of Rs. 3,000 per month from the age of 60 years. Subscribers under the scheme will have to make a small contribution on a month-on-month basis during their working life.
The government will also make a similar contribution per month to the subscriber's PMSYM account.
The scheme was announced in the Interim Budget 2019 speech by then Interim Finance Minister Piyush Goyal. While announcing the pension plan, Goyal said, "An unorganised sector worker joining pension yojana at the age of 29 years will have to contribute only Rs 100 per month until the age of 60 years."
For the pension plan, the centre has made an allocation worth Rs. 500 crore. From the scheme, at least 10 crore workers working in the informal sector are likely to be benefitted within the next 5 years.