family pension Current Affairs - 2019

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Labour Ministry is celebrating Pension Week

The Labor Ministry is celebrating pension week from November 30, 2019 to December 6, 2019 in order to increase enrolments under National Pension Scheme (NPS) for traders and Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM). The aim of the celebration is to enroll 1 crore beneficiaries under PMSYM and 50 lakh beneficiaries under NPS-traders.

Highlights

The observation of the week was inaugurated by the Minister of State for Labour and Employment Shri Santosh Gangwar. As a part of the celebration, awareness campaigns are to be organized among 10 crore Ayushman beneficiaries, 40 lakh Anganwadi workers during the initial days. The campaigns will explain the pension schemes being offered by the Government of India and their benefits and importance. The campaign will also include 2.5 crore Self Help Group members, 4 to 5 crore building and other construction workers and 10 lakh ASHA workers.

Significance

In order increase enrollments the monthly contribution of the scheme has been kept at the lowest level ranging from Rs 55 to 200 per month. When a person joins a pension scheme he enjoys tax deduction up to 10% of basic salary. The schemes are designed in such a way that after retirement the person can fulfil his basic needs with a minimal monthly amount, say Rs 6000.

Pradhan Mantri Shram Yogi Maan-Dhan (PM- SYM)

The Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) announced in the interim budget 2019 has been notified by the Ministry of Labour and Employment.

Features of the PM-SYM

PM-SYM is a voluntary and contributory pension scheme on a 50:50 basis where prescribed age-specific contribution shall be made by the beneficiary and the matching contribution by the Central Government. The salient features of the PM-SYM are:

  • Each subscriber under the PM-SYM, shall receive minimum assured pension of Rs 3000/- per month after attaining the age of 60 years.
  • If the subscriber dies during the period of receipt of the pension, the spouse of the beneficiary shall be entitled to receive 50% of the pension received by the beneficiary as a family pension.
  • If the beneficiary had died 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 or exit the scheme as per provisions of exit and withdrawal.
  • The subscriber must not be a taxpayer.

The scheme is expected to benefit as many as 42 crore workers are estimated to be engaged in the unorganized sector of the country  whose monthly income is Rs 15,000/ per month or less and belong to the entry age group of 18-40 years who are not be covered under New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) scheme or Employees’ Provident Fund Organisation (EPFO).