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PM Shram Yogi Maandhan: Narendra Modi to launch pension scheme for unorganised sector tomorrow

The pension scheme is expected to benefit over 10 crore workers in the unorganised sector.

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Prime Mnister Narendra  Modi to launch Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM) on Tuesday. The Prime Minister is on his two-day visit to Gujarat. The PM today has inaugurated the first phase of Ahemadad Metro service. 

The PM-SYM is contributory pension scheme for workers in unorganised sector, which aims to provide a monthly income up to Rs 15,000. 

The pension scheme was announced in the Union Budget of this year. The scheme assures a monthly pension of Rs 3,000 to unorganised workers after attaining the age of 60 years. The government has given the responsibility ti implement the same to LIC. 

The pension scheme is expected to benefit over 10 crore workers in the unorganised sector.

Workers in the unorganised sector can subscribe to the scheme at the minimum age of 18 years by paying Rs 55 a month. However, the maximum age limit to join the scheme is kept at 40 (with Rs 200 a month).

It has been declared that the central government has committed to contribute an equal amount.

In case of the death of the subscriber, the spouse will be eligible for pension benefits. However, children of the subscriber will not be entitled to them.

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