Pension week celebration begins

Pothashang News Service: Imphal, November 30, 2019: Labour and employment minister Thokchom Radheshyam on Saturday inaugurated the state level celebration of Pension Week/Pension Saptah for the Pradhan Mantri Shram Yogi Maandhan (PM-SYM) and National Pension Scheme for Traders and Self-Employed Persons (NPS-Traders), Schemes at the Auditorium of Manipur State Film Development Society, Palace Gate, Imphal.

The weeklong celebration is being organised by the labour department, which will be continued till December 6. As an enrolment drive, the celebration is also being organized in all districts of the state as part of the nationwide celebration of the Pension Week/Pension Saptah of labour ministry. It aims to enroll one crore beneficiaries for PM-SYM and 50 lakhs beneficiaries for NPS-Traders Schemes by March 2020.

Radheshyam said the two schemes, PM-SYM for unorganized workers and NPS-Traders is for retail traders/shopkeepers and self employed persons are being implemented by the government to provide old age protection and social security to workers through pension scheme. He appealed to get benefits from the schemes. He urged the officials to make the enrollment process easy and to assist the beneficiaries in the best possible way.

He said it is also important that the locations of Common Services Centres (CSC) be made known to the public where enrollments will be carried out. He expressed that the drive in district levels will be able to enroll maximum number of beneficiaries.

Deputy labour commissioner, K. Bono Singh said that target for the state of Manipur for the year 2019 – 2020 under PM-SYM is 42,900 and for NPS-Traders is 15,300.

Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) is a pension scheme introduced for unorganised workers mostly engaged as rickshaw pullers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, home-based workers, own account workers, agricultural workers, construction workers or in similar other occupations whose monthly income is Rs 15,000 per month or less and belong to the entry age group of 18-40 years. They should not be covered under New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) scheme or Employees’ Provident Fund Organisation (EPFO). Further, he/she should not be an income tax payer.

The NPS-Traders Scheme is for retail traders/ shopkeepers and self-employed persons whose annual turnover is not exceeding Rs. 1.5 crore and belongs to the entry age group of 18-40 years. The retail traders/ shopkeepers and self-employed persons are mostly working as shop owners, retail traders, rice mill owners, oil mill owners, workshop owners, commission agents, brokers of real estate, and owners of small hotels, restaurants and other.  They should not engaged in Organized Sector (membership of EPF/NPS/ESIC) a beneficiary of PM-SYM and an income tax payer.

Both the scheme is a voluntary and contributory pension scheme, under which the subscriber would receive a minimum assured pension of Rs 3000/- per month after attaining the age of 60 years and if the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension as family pension.

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