Prime Minister Narendra Modi being garlanded during a public meeting in Ahmedabad, Tuesday. Gujarat Chief Minister Vijay Rupani and Dy CM Nitin Patel are also seen. (PTI Photo) Prime Minister Narendra Modi being garlanded during a public meeting in Ahmedabad, Tuesday. Gujarat Chief Minister Vijay Rupani and Dy CM Nitin Patel are also seen. (PTI Photo)

Prime Minister Narendra Modi Tuesday launched a national pension scheme — Prime Minister Shram Yogi Maandhan Yojana (PM-SYM) — for the workers and labourers of unorganised sector, The scheme was announced in the interim budget in February this year.

The launch comes days ahead of the Election Commission of India (EC) announcing the Lok Sabha election dates. Upon announcement of the date, the model code of conduct would be imposed.

Here are the features of the scheme aimed at financial security in old age:

* The scheme will provide an assured monthly pension of Rs 3,000 for workers in the unorganised sector with a monthly income of up to Rs 15,000, from the retirement age (60 years). This will be on a monthly contribution of a small amount during their working age.

* PM said 42 crore workers from un-organised sectors are eligible for this pension scheme by contributing Rs 55 to Rs 200 rupees a month

* Interim Finance Minister Piyush Goyal had announced the scheme during this year’s Interim Budget speech on February 1. Goyal had said: “An unorganised sector worker joining pension yojana at the age of 29 years will have to contribute only Rs 100 per month until the age of 60 years.”

* The Centre will contribute an equal amount per month-per person availing the scheme.

* At least 10 crore labourers and workers in the unorganised sector are expected to benefit from PMSYM within the next five years, Goyal had said, “making it one of the largest pension schemes of the world”.

* The Centre has allocated Rs 500 crore for the scheme.

* As many as 1.75 lakh people in Gujarat have enrolled for the Central government’s assured monthly pension scheme.

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