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Thursday, January 20, 2022

Modi government’s pension scheme suffered a major setback, enrollment declines by 92%

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Shram Yogi Maandhan scheme has registered a 92 percent decline in the number of laborers enrolling.

The scheme was launched by the Modi government in March 2019.

For the unorganized sector workers, the Modi government introduced the pension scheme Pradhan Mantri Shram Yogi Maandhan Yojana (Pradhan Mantri Shram Yogi Maandhan Yojana). This scheme has suffered a severe setback due to Corona. In the financial year 2020-21, the number of laborers enrolling in this scheme has registered a decline of 92 per cent. In the last financial year, only 1 lakh 30 thousand nominations were made, whereas in the financial year 2019-20, 15 lakh 90 thousand people had enrolled in it.

According to the Economic Times report, the unorganized sector was the worst affected due to Corona. The people working in this field do not have jobs and their income has reduced considerably. This is the reason that there has been a historic decline in enrollment in Shram Yogi Maandhan Yojana. A high government official said that after the corona lockdown, the condition of the workers in the unorganized sector has become miserable. It is becoming difficult for them to eat for two times.

Nearly 45 lakh nominations so far

This is the reason why they have stopped putting money in the fund to secure the future and are now busy in eating food for two times. A total of 4.49 million nominations have been made under the PMSYM scheme so far. The government estimates that about 420 million or 42 crore laborers work in unorganized sectors in their country. This scheme was started with the aim of securing their future. But so far only 1.07 per cent (about 45 lakh) laborers have been able to enroll in this scheme.

Monthly premium of Rs 55-200

The Modi government launched this scheme in March 2019 and within a month of its launch, 27.7 lakh laborers got enrolled in the scheme. Some experts also say that this scheme has probably failed to attract people. Under this scheme, a monthly pension of 3000 rupees is received after 60 years. The age limit of enrollment in this scheme is 18-40 years and only those people whose monthly income is less than 15 thousand rupees. Depending on the age, the monthly premium in this scheme is to be deposited from 55 rupees to 200 rupees. This has to be done till the age of 60 years and after that the pension starts.

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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