A Parliamentary Standing Committee (PSC) report has raised concerns over the underperformance of the Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SMY), a pension scheme for workers in the unorganised sector.
What is the PM Shram Yogi Maandhan Yojana?
About: It is a Central Sector Pension Scheme launched in 2019, administered by the Ministry of Labour and Employment, and Life Insurance Corporation of India (LIC) acts as the Pension Fund Manager.
Target Beneficiaries: The scheme targets unorganised workers aged 18 to 40, such as street vendors, domestic workers, construction labourers, and agricultural workers, with a monthly income up to Rs 15,000.
Contribution: Workers must make monthly contributions (premium) ranging from Rs 55 to Rs 200, depending on their entry age, with the government matching their contribution.
Pension Benefits: The scheme promises a pension of Rs 3,000 per month after the worker turns 60. However, if the worker dies before 60, there is no lump sum payment to their family.
In case of the subscriber’s demise, their spouse will receive 50% of the pension amount as a family pension.
Who are Unorganised Workers?
About: The term unorganized worker, as defined under the Unorganized Workers Social Security Act, 2008, refers to home-based workers, self-employed workers, or wage workers in the unorganized sector.
Additionally, workers in the organized sector are also classified as unorganized if they are not covered under key labor laws, including the Employees’ Compensation Act, 1923, Industrial Disputes Act, 1947, Employees’ State Insurance Act, 1948, Provident Funds Act, 1952, Maternity Benefit Act, 1961, or the Payment of Gratuity Act, 1972.
MCQs – PM Shram Yogi Maandhan Yojana
Regarding the Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SMY), which of the following statements is/are correct?
- The scheme is administered by the Ministry of Labour and Employment and managed by LIC as the Pension Fund Manager.
- It provides a pension of ₹5,000 per month after the age of 60.
- If the subscriber dies before the age of 60, the spouse receives 50% of the pension as a family pension.
Select the correct answer using the code below:
(a) 1 and 2 only
(b) 1 and 3 only
(c) 2 and 3 only
(d) 1, 2, and 3
Which of the following correctly describes the categories under the Pradhan Mantri MUDRA Yojana (PMMY)?
- Shishu: Loans up to ₹50,000 for businesses in the initial phase.
- Kishore: Loans from ₹50,000 to ₹5 lakh for businesses in the growth phase.
- Tarun Plus: Loans exceeding ₹20 lakh for large businesses.
Select the correct answer using the code below:
(a) 1 and 2 only
(b) 1 and 3 only
(c) 2 and 3 only
(d) All of the above
Read more: Atal Pension Yojana
