Labour Ministry launches ‘Donate-a-Pension’ initiative: Check details – Synopsis
On Monday, Union Labour and Employment Minister Bhupender Yadav launched the Pradhan Mantri Shram’s ‘Donate-a-Pension’ campaign. This move is intended to simplify the process of establishing and contributing to a pension fund for support staff.
Union Labour and Employment Minister Bhupender Yadav launched the ‘Donate-a-Pension’ program under Pradhan Mantri Shram on Monday. This move is to make the process of creating and contributing to a pension fund for support staff easier.
Union Labour and Employment Minister, Bhupendra Yadav tweeted, “Launched ‘Donate-a-Pension’ program at my residence by donating to the gardener. It is an initiative under (PM-SYM) pension scheme where citizens can donate the premium contribution of their immediate support staff such as domestic workers, drivers, helpers, etc.
The Ministry of Labour tweet stated: “Secure the future of Unorganised Workers by making a small contribution to Donate-a-Pension scheme, an initiative launched today under PM-SYM & make a big difference.”
Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM)
According to the labour ministry website, the PM-SYM is a 50:50 voluntary and contributory pension scheme in which the beneficiary makes a stipulated age-specific contribution and the Central Government matches it. For example, if a person joins the system at the age of 29, he must give Rs 100 per month until he reaches the age of 60, at which point the Central Government would contribute an equal amount of Rs 100. The subscriber will get the assured monthly pension of Rs.3000/- with the benefit of a family pension, as the case may be.
The Ministry of Labour and Employment will oversee PM-SYM, which will be implemented by the Life Insurance Corporation of India and CSC eGovernance Services India Limited (CSC SPV). The Pension Fund Manager will be LIC, and they will be in charge of paying out the pensions. The money collected under the PM-SYM pension system would be invested according to the Government of India’s investment pattern.
Who are eligible under the scheme?
According to Labour and Ministry and Employment, “The unorganized workers mostly engaged as home-based workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, rickshaw pullers, landless labourers, own-account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio-visual workers and similar other occupations whose monthly income is Rs 15,000/ per month or less and belong to the entry age group of 18-40 years. They should not be covered under New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) scheme or Employees’ Provident Fund Organisation (EPFO). Further, he/she should not be an income tax payer.”