Pradhan Mantri Shram Yogi Maandhan: The impact of the corona due to the low income group of people, it can be gauged that under the central government’s voluntary scheme Prime Minister Shram Yogi Manadhan (PMSYM), only 1,30,120 increased in the last financial year 2020-21. Whereas in the previous financial year 2019-20, there were 15,91,964 new enrollments. Under this scheme, a pension of 3 thousand rupees per month is provided to the domestic workers, rickshaw pullers and other low earning people after the age of 60 years. In a way, it is a pension scheme for low paid workers.
According to figures from the Ministry of Labor, 44,94,864 people were part of the scheme under the scheme as on 31 March 2021 and 43,64,744 were registered under the scheme in 2019-20 a year ago, while 27 in FY 2018-19, 72,780 workers registered. Thus from FY 2019 to registration in FY 2020, there has been an increase of 15,91,964 whereas in FY 2021, only 1,30,120 registrations have been increased.
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Highlights of Pradhan Mantri Shram Yogi Maandhan
- The PMSYM scheme was launched on 15 February 2019.
- While presenting the interim budget for 2019-20, Acting Finance Minister Piyush Goyal had said that this scheme will make at least 10 crore unorganized sector workers in the next five years to be a part of this scheme.
- Those workers of 18-40 years of age can become part of this scheme, who earn less than 15 thousand rupees every month.
- On becoming part of this scheme at the age of 18, the workers will have to contribute 55 rupees to ensure a monthly pension of 3 thousand rupees.
- Under the scheme, the central government also contributes equal to the contribution of the workers.
Low enrollment due to rising unemployment and low income
XLRI professor KR Shyam Sundar believes that people are not considering enrollment under this scheme and regular payment under the scheme is beneficial, due to which the enrollment has reduced. Apart from less profit and future uncertainty under the scheme, enrollment has reduced due to low income of workers for investment in this scheme. Apart from this, due to rising unemployment, the enrollment in this scheme has reduced.
There is another similar scheme, Pradhan Mantri Small Business Man-Dhan Yojana. The scheme was launched on 22 July 2019 and there are only 43751 enrollments. Under this voluntary and contributory pension scheme, small businesses, retail traders, shopkeepers and self-employed workers can be part of the age group who are 18-40 years old and have an annual turnover of less than Rs 1.5 crore.