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Pradhan Mantri Shram-Yogi Maandhan Yojana

Topics Covered:

  1. Welfare schemes for the vulnerable sections of the society.
  2. Issues relating to development and management of Social Sector/Services relating to Health, Education, Human Resources, issues relating to poverty and hunger.
  3. Inclusive growth and issues arising out it.

 

Pradhan Mantri Shram-Yogi Maandhan Yojana

 

What to study?

For Prelims and Mains: Significance and features of the scheme.

 

Context: Announced in the budget.

 

Pradhan Mantri Shram-Yogi Maandhan Yojana- key facts:

  1. It is a scheme for the unorganised sector workers with monthly income upto Rs 15,000. A sum of Rs 500 crore has been allocated for the Scheme.
  2. This scheme shall provide an assured monthly pension of Rs 3,000 from the age of 60 years on a monthly contribution of a small affordable amount during their working age.
  3. An unorganised sector worker joining pension yojana at the age of 29 years will have to contribute only Rs 100 per month till the age of 60 years. A worker joining the pension yojana at 18 years, will have to contribute as little as Rs 55 per month only.
  4. The Government will deposit equal matching share in the pension account of the worker every month.

 

Need and Significance of the scheme:

It is expected that at least 10 crore labourers and workers in the unorganised sector will avail the benefit of the scheme within next five years making it one of the largest pension schemes of the world.

Half of India’s GDP comes from the sweat and toil of 42 crore workers in the unorganised sector working as street vendors, rickshaw pullers, construction workers, rag pickers, agricultural workers, beedi workers, handloom, leather and in numerous other similar occupations. The Government must provide them comprehensive social security coverage for their old age.

 

Sources: the hindu.