Ministry of Labour and Employment launches Pension Schemes for Social Security

Dec 03, 2019 | by Avantis RegTech Legal Research Team

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The Ministry of Labour and Employment (MoLE) on December 02, 2019, has launched Pradhan Mantri Shram Yogi Maan-dhan Yojana which grants pension for the purpose of social security.

The pension scheme facilitates to the person attaining age of 60 years by providing monthly minimum assured pension of Rs. 3,000/- and the unorganised workers in the age group of 18-40 years whose monthly income is Rs.15,000/- or less and is not a member of EPFO or ESIC or NPS. Under the scheme, 50% monthly contribution is payable by the beneficiary and equal matching contribution is paid by the Central Government.

Further, the facility of online enrolment has been made available to join the pension scheme.


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