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SAC approves Pension scheme for unorganized sector

SAC approves Pension scheme for unorganized sector
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JAMMU: The State Administrative Council (SAC) which met under the chairmanship of Governor, Satya Pal Malik accorded sanction to the Implementation of the Pradhan Mantri Shram Yogi Maan-dhan, scheme (PM-SYM) 2019 in the State from 15th February, 2019.

The Government of India had announced the mega pension scheme for the un-organised sector in the interim Budget 2019. The scheme would ensure old age protection for the workers in this sector.

The provisions of this scheme shall apply to the unorganized workers who are working or engaged as home based workers, Street Vendors, Mid-Day Meal workers, Head Loaders, Brick Klin workers, Cobblers, Rag Pickers, Domestic Workers, Washermen, Rickshaw Pullers, Landless labourers, own account workers, Agriculture workers, construction workers, beedi workers, Handloom workers, audio visual workers, leather workers, ponywallas and other similar occupations.

The Scheme shall be open only to an unorganized worker, whose monthly income does not exceed Rs 15000 and who has savings Bank Account in his name and Aadhaar Number. Any unorganized worker in the age group 18-40 years can join the scheme.

An un-organized worker shall not be eligible to join the scheme, if he is covered under Employees State Insurance Corporation Scheme under the Employees State Insurance Act, 1948 or Employees Provident Fund Scheme or is an income tax assessee.

This scheme provides for a fixed pension of Rs 3000 after attaining the age of 60 years on a monthly contribution of a small affordable amount during their working age. The contribution will be nominal ranging from Rs 55 to 200 (18 years to 40 years) with matching contribution to be provided by the Central Government.

The Central Government would deposit matching contribution (50%), every month, in the pension account of the worker. The matching contribution will be 100% funded by Government of India.

PM-SYM would be administered by the Union Ministry of Labour and Employment in partnership with LIC. LIC will be the Pension Fund Manager and responsible for Pension pay out.

In case of the subscriber’s death (after age of 60 years), the spouse of the beneficiary shall be entitled to receive 50% of the pension received by the beneficiary of family pension.

If a beneficiary has made regular contribution and dies due to any cause (before age of 60 years) his/her spouse will be entitled to join and continue the scheme subsequently by payment of regular contribution.

In J&K there are around 10 lakh un-organized workers out of which 3.60 lakh are registered. 38% un-organized workers fall within the category of 18 to 40 years age group and will be covered under the scheme.

The scheme has sufficient safeguards to protect the interest of the subscriber and his/her spouse. There would be a Portal/Mobile App based scheme on self-certification.

The Scheme will be implemented by the Labour & Employment Department. Administrative Secretary, Labour & Employment Department will be the Nodal Officer for implementation of the scheme across the State.

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