The Union Ministry of Labour and Employment on 15 February 2019, launched the Pradhan Mantri Shram Yogi Maan-dhan Yojana (PM-SYM), a mega pension scheme for unorganized sector. The scheme was announced in the Interim Budget 2019. Implemented from February 15 itself, the PM-SYM is a voluntary and contributory pension scheme that will engage as many as 42 crore workers in the unorganized sector.
The workers of unorganised sector can be home-based workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washermen, rickshaw pullers, landless labourers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio-visual workers and similar other occupations.
The subscriber is required to have a mobile phone, savings bank account and Aadhaar number for enrolling in the scheme. The eligible subscriber may visit the nearest Common Service Centers (CSCs) and get enrolled using Aadhaar number and savings bank account on a self-certification basis.
Later, the government will also come out with a web portal and mobile app on which the subscribers can self-register using Aadhar number and savings bank account on a self-certification basis.