JK Guv, Union minister launches PM-SYM scheme in Jammu

Jammu and Kashmir Governor Satya Pal Malik and Union minister Jitendra Singh Tuesday launched the Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) scheme, a pension scheme for unorganised sector, at a function here.

Lauding the initiative of the Union government in conceptualising this scheme, Malik described it as a significant step towards benefiting the workers in the country's unorganised sector.

The governor, on the occasion, announced that the first month installment on behalf of registered beneficiaries would be contributed by the state government.

Noting that the scheme has been launched with the highly-laudable objective of providing social security coverage to labourers and workers in the unorganised sector, Malik said his administration would make the best possible effort to ensure that benefit of the newly-launched scheme reaches every eligible beneficiary in the state.

The Union minister described the PM-SYM as a 'mega pension yojana' having potential to bring social transformation in the unorganised sector in the country where in 10 crore labourers and workers are expected to avail the benefit of this scheme within next five years, making it one of the largest pension schemes of the world.

He said the scheme has also targeted the youth with the purpose to make them aware about the need of financial planning when young in order to secure their old age.

The governor handed over the PM-SYM cards among the beneficiaries on the occasion.

Meanwhile, an official spokesperson said the mega pension scheme was formally launched in all the districts across the Jammu division.

Under the scheme, unorganised workers, whose monthly income is less than Rs 15,000 per month and fall in the age group of 18-40 years, would receive the pension of Rs 3,000 per month after attaining the age of 60 years, he said.