Ministry of Labour & Employment status on Hike in Pension

New Pension Scheme
New Pension Scheme

PIB News Update: Shri Santosh Kumar Gangwar Union Minister of State (I/C) for Labour and Employment  has informed that  Government of  India in February, 2019 launched Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM), a voluntary and contributory pension Scheme, for the benefit of unorganized workers, as per eligibility. The scheme assures minimum monthly pension of Rs. 3000 to the beneficiaries after attaining the age of 60 years. All unorganized workers, in the age group of 18-40 years, whose monthly income is up to Rs. 15,000 and who are not members of Employees’ Provident Fund Organization or  Employees’ State Insurance Corporation or National Pension System (Government contributed) and are also not income  tax  payers,  are  eligible  to  enroll  under  the  Scheme.  The subscriber is required to pay the prescribed monthly contribution amount and the Central Government provides the equal matching contribution. This Scheme is implemented through Life Insurance Corporation of India. Enrollment under the Scheme can be done through any of the Common Service Centres across the country.

Further, vide notification No. G.S.R. 593 (E) dated 19.08.2014, a minimum pension of Rs. 1000 per month has been fixed with effect from 01.09.2014 for the pensioners under Employees’ Pension Scheme (EPS), 1995 framed under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, applicable to establishments which belong to industries and classes of establishments listed in Schedule-I and where number of employees is 20 or more. No decision has been taken at present to further enhance the minimum pension under EPS, 1995.

Further, Atal Pension Yojana (APY) was launched in May, 2015, by the Government of India, and Indian Citizens between the age group of 18 to 40 years are eligible to join APY through their savings bank account or post office savings bank account. Depending upon the pension plan selected, each subscriber under APY shall receive a guaranteed minimum pension of Rs. 1000/- per month or Rs. 2000/- per month or Rs. 3000/- per month or Rs. 4000/- per month or Rs. 5000/- per month, after the age of 60 years until his/her death.

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