Ministry of Labour and Employment Current Affairs - 2019
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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).
Tags: Employees' State Insurance Corporation • Employees’ Provident Fund Organisation • EPFO • ESIC scheme • family pension • interim Budget 2019 • Ministry of Labour and Employment • New Pension Scheme (NPS) • Pension Scheme • PM- SYM • Pradhan Mantri Shram Yogi Maan-Dhan • unorganized sector
The Ministry of Labour & Employment has announced Prime Minister’s Shram Awards for the year 2016 to be awarded to 50 workers including 3 women employed in Departmental Undertakings & Public Sector Undertakings (PSUs) of Central/ State Governments and Private Sector Units employing 500 or more workers. In 2016, 34 workers are from PSUs and 16 workers are from Private Sectors.
2016 Shram Awards
Shram Ratna Award: No nomination was found suitable for it.
Shram Bhushan: 12 workers from SAIL, BHEL and TATA Steel Ltd. were selected.
Shram Vir/Shram Veerangana Award: 18 workers from Naval Dockyard, Ordinance Factory, Rashtriya Ispat Nigam, TATA Steel, Hindalco Industries, Paradeep Phosphates Ltd., Brahmos Aerospace were selected.
Shram Shree/Shram Devi Award: 20 workers from Cement Corporation of India, Naval Ship Repair Yard, TATA Motors, Surat Lignite Power Plant, Larsen & Toubro Ltd. etc were selected.
They were instituted in 1985 and are announced every year by Ministry of Labour and Employment. These awards are given to workers in PSUs, Departmental Undertakings of Central/State Governments and Private Sector units employing 500 or more workers.
Objective: It recognises workers for their distinguished performance, innovative ability, outstanding contribution in the field of productivity and exhibition of exceptional courage and presence of mind. It also recognises outstanding contributions made by workmen as defined in Industrial Dispute Act, 1947 in organizations both in public and private sector
There are four types of Shram awards viz. Shram Ratna (monetary award of Rs. 2 lakhs and Sanad), Shram Bhushan (Rs. 1 lakh and Sanad), Shram Vir / Shram Veerangana (Rs. 60000 and Sanad), Shram Devi / Shram Shree (Rs. 40000 and Sanad).