Pradhan Mantri Shram Yogi Maadhan (PM-SYM) pension scheme for unorganised workers was launched in all districts of Nagaland on Tuesday.
Launching the scheme at secretariat conference hall in Kohima, state chief secretary Temjen Toy said the scheme is meant for those people who are earning their daily wages in towns or in villages.
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Toy said although several similar schemes were launched earlier the Nagas are unfortunately not able to take advantage of such schemes.
“Only when we reach out and spread awareness within our own circle and in the villages about the scheme only then, it will benefit the greater section of our people who are in the unorganized sectors,” he said.
Toy urged all to spread the message and get as many people as possible enrolled in the scheme as there are only some privileged few in the organized sector in Naga society.
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Branch manager, LIC, Kohima, Shelphomran Khaling, said the PM-SYM is a voluntary and periodic contribution-based pension system meant for the unorganized workers in the age group of 18 to 40 years and with income up to Rs 15,000 per month.
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.
When the subscriber of the scheme dies after the age of 60 years, the spouse of the beneficiary will be entitled to receive 50 per cent of the pension received by the beneficiary as family pension, he said.
If a beneficiary has given regular contribution and died due to any cause before the age of 60 years, his/her spouse will be entitled to join and continue the scheme subsequently by paying regular contribution, Khaling added.
He said after the death of the subscriber as well as his/her spouse, the entire corpus will be credited to the fund. He added that the Centre will provide 100 per cent matching contribution.
Khaling said the PM-SYM would be administered by ministry of labour employment in partnership with LIC, which will be the pension fund manager and responsible for pension pay out.
He urged the interested eligible persons to visit the nearest Common Service Centre along with Aadhar card, saving bank account, amount in cash for enrolment under the scheme.