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Labour ministry celebrates pension week

Labour ministry celebrates pension week

Ministry of Labour and Employment has designated 30 November 2019 to 6 December 2019 as the Pension Week. This week would focus on enrolments under Pradhan Mantri Shram Yogi Maandhan (PM-SYM) and National Pension Scheme for Traders and Self-Employed Persons (NPS-Traders).

Key Points:

  • A function was inaugurated by the Labour Minister Santosh Gangwar to enrol one crore beneficiaries for PM-SYM and 50 lakh beneficiaries for NPS-traders by March 2020.
  • Both the pension schemes are simple and hassle-free, and only Aadhar and savings bank/Jan Dhan accounts are required for enrolment.
  • The monthly contribution is at the lowest level, which ranges from Rs 55-200 per month, which depends upon the entry ages of the subscriber. For instance, if the person is 30 years old, their monthly contribution would be around ₹100 per month. 
  • It would be that they will contribute Rs 1,200 only per year and Rs 36,000 in the entire contribution period. Later after attaining 60 years of age, they would get Rs 36,000 per year as a pension.
  • After the person’s death, the spouse would get 50% of the pension, i.e. ₹1,500 per month. 
  • In case both wife and husband are eligible, they can join the scheme separately, and after 60 years, they will get ₹6,000 as pension which will be sufficient to meet their daily needs, during old age.
  • During the pension week, the ministry will organise awareness campaign among 2.5 crore Self Help Group members, 10 crore Ayushman beneficiaries, 40 lakh Anganwadi workers, 11 crore MGNREGA workers and 10 lakh ASHA workers about the benefits of these pension schemes.

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