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Pension Schemes for Social Security

Pension Schemes for Social Security

For old age protection in the form of monthly pension, Ministry of Labour & Employment has launched Pradhan Mantri Shram Yogi Maan-dhan Yojana which is a voluntary and contributory pension scheme for providing monthly minimum assured pension of Rs. 3,000/- on attaining the age of 60 years. The unorganised workers in the age group of 18-40 years whose monthly income is Rs.15,000/- or less and not a member of EPFO/ESIC/NPS can join the scheme. Under the scheme, 50% monthly contribution is payable by the beneficiary and equal matching contribution is paid by the Central Government. The enrolment is being done through the country-wide network of 3.50 lakh Common Service Centres under the Ministry of Electronics and Information Technology. Facility has been made for online enrolment. Monthly subscription is being deducted through auto-debit facility.

Draft code on Social Security, 2019 has been prepared by amalgamating, simplifying and rationalizing the relevant provisions of the existing Nine Central Labour Acts relating to social security for organised and unorganised sector workers which aims towards expansion of coverage of social security. Presently, the draft code on Social Security 2019 is under pre-legislative consultative process.

This information was given by Shri Santosh Kumar Gangwar Union Minister of State (I/C) for Labour and Employment in written reply to a question in Lok Sabha today.



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