Pradhan Mantri Shram Yogi Maandhan: PMSYM pension scheme for low-wage earners loses steam

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A similar scheme, Pradhan Mantri Laghu Vyapari Maan-dhan Yojana, has also seen a meagre 43,751 enrolments since the scheme came into effect from July 22, 2019.An analogous scheme, Pradhan Mantri Laghu Vyapari Maan-dhan Yojana, has additionally seen a meagre 43,751 enrolments because the scheme got here into impact from July 22, 2019.

Recent enrolment underneath the voluntary, central sector Pradhan Mantri Shram Yogi Maandhan (PMSYM) scheme that ensures a month-to-month Rs 3,000 pension from the age of 60 years for home employees, rickshaw pullers and different low-wage earners reached its nadir to only one,30,120 in 2020-21 from 15,91,964 a 12 months earlier, indicating the earnings loss suffered by the unorganised sector employees as a result of pandemic.

A employee between 18-40 years of age and incomes lower than Rs 15,000 a month can be part of the scheme, during which the Centre makes an identical contribution as that of the beneficiary. A employee becoming a member of the pension scheme at 18 years must contribute as little as Rs 55 monthly to make sure a month-to-month pension of Rs 3,000 after attaining the age of 60 years.

The PMSYM scheme got here into power on February 15, 2019. Whereas presenting the interim Finances for 2019-20, performing finance minister Piyush Goyal had mentioned that at the least 10 crore labourers and employees within the unorganised sector would avail the good thing about the scheme inside 5 years.

Nevertheless, the labour ministry’s knowledge reveals that the scheme has seen a complete of 44,94,864 enrolments until March 31, 2021, up from 43,64,744, as on March 31, 2020. As a lot as 27,72,780 employees obtained themselves enrolled underneath the scheme until March 31, 2019.

XLRI professor KR Shyam Sundar mentioned the decrease enrolment underneath the scheme is primarily due to the truth that individuals don’t really feel incentivised to enrol and proceed with the periodical funds because the scheme mandates. The meagre advantages and uncertainty of the long run and the decrease disposable earnings of such employees, at current, as a consequence of excessive employment and underneath employment can be instrumental for decrease enrolment underneath the scheme.

An analogous scheme, Pradhan Mantri Laghu Vyapari Maan-dhan Yojana, has additionally seen a meagre 43,751 enrolments because the scheme got here into impact from July 22, 2019.

Below this voluntary and contributory pension scheme, small merchants, retail merchants, shopkeepers and self-employed individuals, with an annual turnover not exceeding Rs 1.5 crore can take part throughout the 18-40 years age bracket.

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