- Individuals need to make a monthly contribution till the age of 60 to get an assured pension of ₹3,000 every month
- Out of the total enrolment, 50-60 million workers will be from the construction sector
The Union government will enrol around 150 million workers over the next three years under its flagship pension scheme Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM), bringing more informal sector workers under the social security net.
Labour secretary Hiralal Samariya on Wednesday said the pension scheme will benefit a large pool of people who earn less, but form a large part of the labour market. The secretary said a sizable portion of beneficiaries will be construction workers.
The National Democratic Alliance (NDA) government is targeting the bottom of the pyramid through various policy interventions, realising that they are a significant political constituency.
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Speaking at a function organized by the Federation of Indian Chambers of Commerce and Industry (Ficci), Samariya said the “scheme is doing well” since its announcement six months ago. The government is likely to achieve the 150 million number over the next two to three years. The labour secretary said out of the total enrolment, 50-60 million workers will be from the construction sector, reiterating that even agriculture workers and self-employed retailers can be a part of this pension scheme.
Source: Livemint
