CSC begins registration for ‘informal’ workers pension scheme

New Delhi, Feb. 17 (IANS): Informal sector workers will now be able to subscribe to the Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) scheme and get an assured monthly pension of INR 3,000 at 3.13 lakh Common Service Centres (CSCs) across the country.

CSC e-Governance Services India Ltd, a Special Purpose Vehicle of the government, has started the registration process for PM-SYM covering unorganised sector in the financial inclusion flagship programme of the government.

The SPV is under the Ministry of Electronics & IT and it will be the nodal agency for the registration process for the scheme covering unorganised sector workers up to 40 years of age making them eligible for a minimum monthly pension of INR 3,000 after the age of 60 in lieu of contributions made under the scheme, an official statement said.

PM-SYM is being implemented by the Union Labour Ministry and is an ambitious social security scheme conceived by Prime Minister Narendra Modi. The scheme was announced in the Interim Budget and is targeted at unorganised sector workers with monthly income of up to INR 15,000.

The unorganised workers may visit their nearest CSC along with their Aadhar Card and Savings Bank account passbook/Jandhan account and get registered themselves for the Scheme.

CSC will mobilise and register beneficiaries and also issue cards having unique ID number to all those who register under the scheme.

CSC, which also works as banking correspondents for several banks in remote, rural locations, will also help those willing to enrol under PM-SYM to open bank accounts at the CSC without going to bank branches.

At a later stage, the Labour Ministry is looking at enrolling people through PM-SYM web portal or mobile app to self-register using Aadhar number/savings bank account/ Jan-Dhan account number on self-certification basis.

The monthly contribution by the worker joining the scheme would be INR 55, with matching contributions from the government. The contributions would rise at higher age.

The worker joining the scheme at the age of 40 years would contribute INR 200 while workers at the age of 29 years would pay INR 100. The scheme would cover unorganised workers who are working or 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, agricultural workers and construction workers among others.

However, informal workers will not be eligible for the scheme if they are covered under the National Pension Scheme, the Employees’ State Insurance Corp Scheme or Employees’ Provident Fund Scheme.