PMSYM scheme opens to workers from Friday

All unorganised sector workers up to 40 years of age can subscribe to the Pradhan Mantri Shram Yogi Maandhan (PMSYM) scheme, which entails a minimum monthly pension of ~3,000, from February 15, a labour ministry notification said.

The scheme, announced by Finance Minister Piyush Goyal in the Budget for 2019-20, is targeted at unorganised sector workers with monthly income of up to ~15,000. The scheme would provide them an assured pension of ~3,000 from the age of 60 on a monthly contribution of a small amount during their working life.