Labour Ministry celebrating Pension Week; Enrollment Drive ‘ON’ for PM-SYM and NPS-Traders

Labour Ministry celebrating Pension Week; Enrollment Drive on for PM-SYM and NPS-Traders (30 Nov. to 6 Dec. 2019)

Labour Ministry is celebrating Pension Week (30 Nov. to 6 Dec. 2019), as part of Enrollment Drive for Pradhan Mantri Shram Yogi Maandhan Scheme (PM-SYM) and National Pension Scheme for Traders and Self-Employed Persons (NPS-Traders) with target of covering 100 lac & 50 lac beneficiaries under respective Schemes by March 2020.

GoI Press Release dt. 30 Nov. 2019

In order to drive enrolments under Pradhan Mantri Shram Yogi Maandhan (PM-SYM) and National Pension Scheme for Traders and Self-Employed Persons (NPS-Traders), Labour Ministry has decided to celebrate Pension Week during 30th Nov, 2019 – 6th Dec 2019. Today, a central function was inaugurated by Minister of State(I/C) for Labour and Employment with an aim to enroll one crore beneficiaries for PM-SYM and 50 lakhs beneficiaries for NPS-Traders by March 2020. This event was live webcast to all 3.5 lakhs Common Service Centres (CSCs) across the country.

Shri Gangwar stated that both the pension schemes are simple and hassle free. For the enrolments, only Aadhar and savings bank/ Jandhan account is required.  It takes only 2-3 minutes time to get oneself enrolled under the Schemes. The monthly contribution has been kept at the lowest level that ranges from Rs. 55 to Rs. 200 per month depending upon the entry ages of the subscriber. If a person is of age 30 years, his monthly contribution would be around Rs.100 per month.  In this way, he will contribute Rs. 1200 only per year and Rs. 36,000 in his entire contribution period.  But, after attaining 60 years, he will get Rs. 36,000 per year as Pension.  The life table clearly indicates that if a person reaches 60 years, he is likely to survive around 80 years of his age.  In this way, he will get Rs. 36,000 pension per year.  After his death, his spouse will get 50% of the pension, i.e. Rs. 1,500 per month. If husband and wife are both eligible, they can join the Scheme separately and after 60 years, they will get Rs. 6,000 as Pension which will be sufficient to meet their daily needs, during their old ages.  If one of them dies during the pension period, the spouse will get Rs. 4500 per month as monthly pension (Rs. 3000 as his own and Rs. 1500 for spouse).

The Minister expressed hope that during the Pension Week we will organize awareness campaign among 10 crore Ayushman beneficiaries, 11 crore MGNREGA workers, 4-5 crore BOC workers, 2.5 crore Self Help Group members, 40 lakh Anganwadi workers and 10 lakh ASHA workers about the benefits of these Pension Schemes.

While addressing the function, Labour Secretary Shri Heeralal Samariya said that the CSCs which will enroll more than 100 persons, during the Pension Week, will be given additional incentive.  In this incentive, CSC-SPV will not take any share and complete amount will be transferred to the respective VLEs/CSCs.

Shri Samariya said that it will be our sincere effort to motivate targeted groups like construction workers, ASHA workers, Aanganwadi workers and domestic workers to get benefit from the schemes. He expressed hope that the State Governments along with their District level functionaries should try to enroll maximum number of beneficiaries during the week. The progress of the Scheme is being regularly reviewed in the Ministry.

Ms. Anuradha Prasad, Additional Secretary, L&E, Shri Sunil Barthwal, CPFC, Shri Ajay Tewari, DGLW and other senior officials were also present on the occasion.

Leave a Reply

Get ‘CA Club Updates’ Newsletter via Daily Email

Subscribe for our Newsletter ‘CA Club Updates’ delivered thru Google Feedburner Emails and join our community of 6000 plus subscribers. To join, please click on the ‘SUBSCRIBE’ link below:


Upon clicking the link, a pop-up window will open. Please fill up your email id and verification code therein. After that check your email and click the confirmation link sent by Feedburner Email subscription.

This one time process is to ensure that you don’t get emails without your own confirmation, i.e. someone else can’t register your email here. Besides, each Newsletter will include an ‘Unsubscribe’ link to maintain your freedom to discontinue getting emails anytime.