Labour Ministry celebrating Pension Week (30th Nov-6th Dec 2019) to increase enrolments under PM-SYM & NPS-Traders

Pension week is being celebrated from November 30 to December 6, the central function of the event was inaugurated by Minister of State(I/C) for Labour and Employment, Santhosh Gangwar. The Pension week aims at enrolling 1 crore recipients under the Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) and 50 lakh recipients under National Pension Scheme for traders and self-employees (NPS-Traders) by March 2020.Santosh Gangwar inaugurates Pension WeekAbout Pradhan Mantri Shram Yogi Maan-dhan (PMSYM):

i.The scheme is for unorganized workers like street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, domestic workers,etc. The eligibility of the person is their monthly income should not be more than Rs.15,000 and they should be between 18-40 years old and they should not be a member of any organized sectors like New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) scheme or Employees’ Provident Fund Organization (EPFO) and he/she should be an Income Tax (IT) payer.

ii.The features of the scheme is, the subscriber will receive a minimum pension of Rs.3000 per month after the age of 60 and on the death of the subscriber his/her spouse will receive 50% of the pension as family pension (family should only be his/her spouse). And also if the subscriber dies before the age of 60 than he/she will be able to continue the scheme by regular contribution or exit the scheme.

National Pension Scheme for Traders and Self-Employed Persons (NPS-Traders):

i.The scheme is for protection of old age people and security of self employed persons. Their eligibility is, their annual income should not be more than Rs.1.5 crore, and their age should be between 18 and 40 years. And also they should not be engaged in any organized sectors like EPF (Employees’ Provident Fund Organization), NPS (National Pension System) or ESIC (Employees’ State Insurance Corporation).

ii.The features of the scheme is the subscriber will receive a minimum pension of Rs.3000 per month after the age of 60 and if the spouse of the subscriber dies the heir (the heir can only be the subscriber’s spouse) will receive 50% of the pension as family pension.

iii. To enroll in the scheme the subscriber needs his/her Aadhar card and Jan-dhan savings bank account the enrollment requires only 2-3 minutes time and the contribution has been kept at the lowest level of Rs.55 to Rs.200 per month depending upon the age of the subscriber.