Pradhan Mantri Shram Yogi Mandhan

Context

  • Under the scheme, an assured monthly pension of Rs 3000 rupees per month will be provided to workers in the unorganised sector after 60 years of age.

Key Facts

  • However, to avail of the scheme, workers will have to contribute Rs 100 month.
  • the scheme, which would benefit 10 crore workers, would be implemented from this fiscal itself.
  • People working in the unorganized sector can open their pension accounts.
  • In the pension account, you will have to deposit a fixed amount.
  • This will help the pension holders meet the financial needs without any problem.
  • Apart from the funds deposited by the concerned person, some contribution will also be made by the Central Government.
  • “It may become the world’s biggest pension scheme for the unorganised sector in five years,”.
  • The new pension scheme will run alongside the existing Atal Pension Yojana, which guarantees returns post-retirement.
  • About 91 per cent of the informal sector, which was dependent on cash for survival, was harmed due to demonetisation.
  • The benefit of this scheme will be to the workers working in the unorganized sector whose monthly income is less than Rs.15, 000. The benefit of this scheme will be as a financial security scheme for the weakest 25% people in the unorganized sector.

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