Book Title: Shaping the Future: Innovation, Sustainability, and Inclusive Growth in a Globalized Economy
Editors: Editors: Dr. Shanu Singh, and Dr. Yashmita Awasthi
Student Editor: Krishna Singh Rawat
ISBN: 978-93-7183-006-5
Chapter: 7
DOI: https://doi.org/10.59646/725/7
Author: Akshat Kumar
Abstract
The informal sector forms a major part of India’s workforce and plays a crucial role in economy. The unorganized sector employs nearly 90% of the country’s workforce, yet the majority of these workers are exposed to poverty after retirement as the income are low and irregular. Most workers prioritize basic daily needs to be full filled instead of saving for a secure future. Government recognized such gap and introduced an initiative in 2019, Pradhan Mantri Shram Yogi Maandhan Scheme which is a voluntary pension scheme, aimed at providing Rs.3000 per month to informal sector workers after the age of 60. The amount of monthly premium to be pay in this scheme starts from just only Rs.55 which goes up to Rs.200 according to the age of the workers and the same monthly amount will also be contributed by government every month.
Delhi, as one of India’s most densely populated urban centres, with an estimated population of 35 lakh workers in informal sectors consist of several professions. However, awareness of PMSYM among these workers remains poor. This study seeks to examining the Pradhan Mantri Shram Yogi Maandhan Scheme at a ground level and identifying the key problems which prevent an eligible worker from enrolling in the scheme.