Labour Ministry to observe pension week to drive enrolments

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The Labour Ministry is celebrating pension week from Saturday in order to drive enrolments under Pradhan Mantri Shram Yogi Maan-Dhan (PMSYM) and National Pension Scheme for traders and self-employed persons.

A function was inaugurated by Labour Minister Santosh Gangwar to enrol one crore beneficiaries for PM-SYM and 50 lakh beneficiaries for NPS-traders by March 2020, the Ministry said in a statement.

Mr Gangwar said both the pension schemes are simple and hassle-free as only Aadhar and savings bank/Jan Dhan accounts are required for enrolment.

It takes only 2-3 minutes to get oneself enrolled under the schemes, the Ministry claimed.

The monthly contribution has been kept at the lowest level ranging from ₹55-200 per month depending upon the entry ages of the subscriber, it said, adding that if a person is 30 years old, their monthly contribution would be around ₹100 per month.

“In this way, they will contribute ₹1,200 only per year and ₹36,000 in the entire contribution period. But, after attaining 60 years of age, they will get ₹36,000 per year as a pension,” it said.

After the person’s death, the spouse will get 50% of the pension, i.e. ₹1,500 per month.

“If husband and wife are both eligible, they can join the scheme separately and after 60 years, they will get ₹6,000 as pension which will be sufficient to meet their daily needs, during old age,” it added.

The minister has expressed hope that during the pension week, they will organize awareness campaign among 10 crores Ayushman beneficiaries, 11 crore MGNREGA workers, 2.5 crore Self Help Group members, 40 lakh Anganwadi workers and 10 lakh ASHA workers about the benefits of these pension schemes.

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