Labour Ministry is celebrating Pension Week

The Labor Ministry is celebrating pension week from November 30, 2019 to December 6, 2019 in order to increase enrolments under National Pension Scheme (NPS) for traders and Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM). The aim of the celebration is to enroll 1 crore beneficiaries under PMSYM and 50 lakh beneficiaries under NPS-traders.

Highlights

The observation of the week was inaugurated by the Minister of State for Labour and Employment Shri Santosh Gangwar. As a part of the celebration, awareness campaigns are to be organized among 10 crore Ayushman beneficiaries, 40 lakh Anganwadi workers during the initial days. The campaigns will explain the pension schemes being offered by the Government of India and their benefits and importance. The campaign will also include 2.5 crore Self Help Group members, 4 to 5 crore building and other construction workers and 10 lakh ASHA workers.

Significance

In order increase enrollments the monthly contribution of the scheme has been kept at the lowest level ranging from Rs 55 to 200 per month. When a person joins a pension scheme he enjoys tax deduction up to 10% of basic salary. The schemes are designed in such a way that after retirement the person can fulfil his basic needs with a minimal monthly amount, say Rs 6000.

Month: Current Affairs - December, 2019