PM-SYM scheme: Donate-a-pension retirement plan finds few takers


New Delhi: The federal government’s Donate-a-Pension initiative to construct up a retirement kitty for unorganised staff, together with home helps, has didn’t garner sufficient responses.

The variety of beneficiaries enrolled below the Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) scheme has slowed significantly in fiscal 12 months 2022-23, strengthening the case for a serious revamp of the initiative.

Solely 14,518 unorganised staff enrolled below the scheme between April 1 and Might 25, authorities information confirmed, bringing common enrolment in a month to just a little over 7,000. That is about half the common month-to-month enrolment of 13,452 or annual addition of 1,61,432 beneficiaries in monetary 12 months 2021-22.

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The labour ministry‘s Donate-a-Pension initiative in March was geared toward reviving the PM-SYM because the Covid-19 pandemic had severely hit enrolments below the pension scheme after tens of millions of staff misplaced their jobs within the wake of the nationwide lockdown in 2020.

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Below the initiative, individuals or employers can donate the premium contribution for his or her rapid help workers equivalent to home staff, drivers, helpers, caregivers, nurses, of their family or institution or another eligible unorganised staff within the age group of 18-40 years, to supply them old-age safety by means of the PM-SYM pension scheme.

The donor needed to pay a minimal of 1 12 months’s contribution amounting to ₹660 and most as much as ₹2,400, relying on the age of the beneficiary.

Within the first month of its launch, solely 100 employers donated pensions for his or her home assist, minister of state for labour and employment Rameswar Teli stated in a written reply in Rajya Sabha final month.

Below it, a employee pays a month-to-month contribution of between ₹55 and ₹200 and an identical contribution is obtainable by the federal government. This entitles them to a month-to-month pension of ₹3,000 after attaining the age of 60 years.

Cumulative enrolment below the scheme as on Might 25 stands at 4.67 million with a serious chunk of this coming within the first and second 12 months of launch.

The scheme, when launched in March 2019, attracted 2.77 million subscribers. This jumped to 4.36 million within the 2019-20 monetary 12 months. Nevertheless, enrolment slowed significantly since April 2020 after the pandemic. In 2020-21, there have been merely 130,000 enrolments and 160,000 enrolments in 2021-22.

India has an estimated 370 million unorganised staff.

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