Pension scheme for unorganized workers launched in Nagaland

The Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM) pension scheme for unorganised workers was launched in Nagaland on Tuesday, officials said. Launching the PM-SYM in the state Nagaland Chief Secretary, Temjen Toy, said many similar schemes were launched in the past but unfortunately the Nagas were not able to take advantage of those schemes.

He said the Labour and Employment Department is the nodal department and every individual and department need to spread awareness of the scheme to our people for the benefit of a greater section of our people who are in the unorganised sectors. The PM-SYM is voluntary and periodic contribution based pension system meant for unorganised workers with income up to Rs 15,000 per month and eligibility criteria age between 18-40 years. This scheme provides for a fixed pension of Rs 3000 after attaining the age of 50 years on a monthly contribution of a small affordable amount during their working age.