According to the Labour ministry notification,Pradhan Mantri Shram Yogi Maandhan (PMSYM) scheme will be open from February 15th, 2019.
This scheme can be availed by the unorganised sector workers under the age of 40 years earning up to Rs 15,000 every month.
The scheme provides a minimum monthly pension of Rs 3,000 after the age of 60 years to its beneficiaries
The contributions from workers will change depending on the applicant’s age. The government will then contribute the same amount as the workers.
The scheme will cover unorganised workers who are working or engaged as home based workers, street vendors, mid-day meal workers, landless labourers, agricultural workers, construction workers, among others.
The new pension scheme comes with certain conditions such as a) Beneficiaries need to have a bank account linked with their Aadhaar number, b)Informal workers already covered under the National Pension Scheme, the Employees’ State Insurance Corporation Scheme or Employees’ Provident Fund Scheme and also who are income tax assesses are not eligible under this scheme.