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Tags Current Affairs

Government to launch Pradhan Mantri Shram Yogi Maandhan Yojana

Date: 02 February 2019 Tags: Health

Government has proposed to launch mega pension schme -Pradhan Mantri Shram-Yogi Maandhan for unorganised sector workers with monthly income upto Rs. 15,000. It was announced in Interim Budget 2019-20 presented in Parliament by Union Minister for Finance, Corporate Affairs, Railways and Coal Piyush Goyal (first charted accountant by profession to present Union Budget).

Need for such scheme

Half of India’s GDP comes from 42 crore workers in unorganised sector working as street vendors, rickshaw pullers, construction workers, agricultural workers and numerous other similar occupations. It is necessary to provide them comprehensive social security coverage for their old age.

It will be in addition to health coverage provided under ‘Ayushman Bharat’ and life and disability coverage provided under Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana by Government.

Pradhan Mantri Shram Yogi Maandhan Yojana

  • It will provide beneficiaries an assured monthly pension of Rs. 3,000 from age of 60 years on monthly contribution of small affordable amount during their working age.
  • It will be one of the largest pension schemes of world (become largest in 5 years) as it is expected to benefit at least 10 crore labourers and workers in the unorganised sector within next five years.
  • Intended beneficiaries: Unorganised sector workers with monthly income upto Rs. 15,000.
  • Contributions: Unorganised sector worker, joining this scheme at age of 29 years will have to contribute only Rs. 100 per month till age of 60 years. In case, joined at 18 years of age, contribution will be Rs. 55 per month till age of 60 years. Government will also deposit equal matching share in the pension account of the worker every month.
  • Government allocation: Central Government has allocated sum of Rs. 500 crores for this scheme. It will provide additional funds as needed.
  • This social security scheme will also be implemented from the current financial year (2018-19).
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