Budget 2020: 60 lakh enrolled in new pension schemes - Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM), Pradhan Mantri Laghu Vyapari Maan-dhan Yojana

Around 60 lakh informal sector workers and small traders are covered under the pension schemes launched in 2019, President Ram Nath Kovind said on Friday. Last year, the government launched Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) and Pradhan Mantri Laghu Vyapari Maan-dhan Yojana (PM-LVM) for providing assured minimum pension of Rs 3,000 per month.

"Farmers, agricultural labourers, unorganized sector labourers and small traders of the country had expectations of a pension scheme that would be of help to them in their old age. "My Government has not only fulfilled their wish, but also has covered about 60 lakh beneficiaries so far, under these pension schemes," Kovind said addressing a joint sitting of both Houses of Parliament.

The PM-SYM scheme provides for a minimum monthly assured pension of Rs 3,000 for unorganised sector workers from the age of 60 years. The scheme was launched in February 2019.

The government in the Union Budget 2019-20 set a target of enrolling ten crore workers under the scheme in the next five years.

Any informal sector worker in the age group of 18-40 years can enrol for PM-SYM. The monthly insurance premium ranges from Rs 55 at the age of 18 years to Rs 200 at the age of 40 years. The central government is making equal contributions for these workers under the scheme.

A similar scheme for small traders and retailers was approved by the Union Cabinet in May last year in its first meeting after Modi 2.0 took over. The PM-LVM scheme was formally launched in September 2019. It is a voluntary and contributory pension scheme.

Enrolment under the scheme is done through Common Service Centres, with its network of 3.50 lakh centres across the country.

Traders in the age group of 18-40 years with an annual turnover, not exceeding Rs 1.5 crore and who are not a member of EPFO/ESIC/NPS/PM-SYM or an income tax payer, can join PM-LVM.

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Under the scheme, 50 per cent monthly contribution is payable by the beneficiary and equal matching contribution is paid by the Centre.

Subscribers, after attaining the age of 60 years, are eligible for a monthly minimum assured pension of Rs 3,000. It envisaged a coverage of about 50 lakh enrolments under the scheme for 2019-20.