Benefits extended to workers in unorganised sector
Need for the scheme
- Pradhan Mantri Shram Yogi Mandhan Yojana was launched by the Prime Minister.
- It is a scheme for the unorganised sector.
- The scheme has been launched to take care of the needs of the workers in case of death, retirement or illness.
- More than 90% of the workers belong to the unorganised sector.
- They are the most vulnerable as they do not have any kind of cover of social security.
- Neither do the employers provide any kind of social security to the workers nor are the workers interested in contributing to any scheme provided by the employer as they are temporary workers.
- They are thus dependent on the whims and wishes of the employers.
Atal Pension Yojana
- There are many labour laws available in the country which was created many years back.
- It was intended to
- provide a minimum amount of wages to the workers
- workers should have job security
- social security against illness, death or retirement
Who are unorganised workers? Workers who are not part of the Employee Provident Fund Organisation or workers who do not work for an organisation having more than 20 employees. Benefits of PMSYM
- There is contribution from the employee but no contribution from the employer.
- This social security scheme was introduced as a replacement to previous government’s Swavalamban Yojana NPS Lite, which wasn’t well accepted by people.
- APY aims to help these workers save money for their old age while they are working and guarantees returns post retirement.
- The scheme also promises a co-contribution by Central Government of 50% of the total prescribed contribution by a worker, up to Rs. 1000 per annum, but only to those who joined APY before 31.12.2015.
- Further, this co-contribution would be made only for 5 years, from FY 2015-16 to 2019-20 in the eligible cases subject to conditions mentioned below.
- Many workers could not join the scheme.
- The amount provided was also very meagre.
Pensions available for unorganised sectors Ayushman Bharat Maternity Benefit scheme Way forward
- It is an assured pension amount
- The amount of pension will depend on the amount contributed by the worker. More contribution would mean more pension for the worker.
- The amount collected from the unorganised workers would be invested by the government in any project and according to the profits obtained from the same, the contribution by the government may go up.
- Even in case of premature exit, the entire amount would be refunded by the government with interest.
- Even in case of death of the person, the scheme can be continued by the spouse of the person and on attaining 60 years of age, he /she can avail of the pension benefits.
- In case of death of the spouse, the next legal heir would be considered for handing over the money.
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- All the schemes available for the unorganised sector workers should be available under one platform.
- Resources available with the government should be pooled and made available to all the vulnerable sections of the society.
- Awareness should be generated among the workers through social media to make use of the schemes