6 years, 1 month ago

Govt’s new pension scheme seen adding to subscribers’ confusion

The government on 7 February notified rules for the Pradhan Mantri Shram Yogi Maan-Dhan scheme, which was announced in interim budget 2019-20 as a pension scheme for the unorganized sector workers. PMSYM promises a pension of ₹3,000 per month when the subscribers turns 60, in return for fixed monthly contributions starting for as little as ₹55. Unorganized sector workers in India can choose between life insurance policies, PMVVY, APY and now PMSYM, in order to secure a pension for themselves. It is a pension scheme targeted at unorganized sector workers aged 18-40, who are not covered by EPS or centre’s National Pension System, and who are not income-tax assesses.

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