India: Pension scheme for traders, small shopkeepers and workers in unorganized sector

Last Modified: Sun Jul 07 2019 21:43:29 GMT+0530 (India Standard Time)
  • 30 million
    Estimated number of retail traders and small shopkeepers in India whose annual turnover is less than INR 1.5 crore and who are unlikely to be covered by pension.
  • Rs. 3,000
    Amount the traders and small shopkeepers could receive per month after attaining age 60, if they enroll in the Pradhan Mantri Karam Yogi Maandhan (PMKYM) pension scheme. The scheme was announced by Finance Minister Nirmala Sitharaman during the 2019 budget speech. Eligibility age for enrollment is 18 to 40 years.
  • INR 750 crore
    Budget outlay for this scheme in FY20. The labour ministry would implement this scheme.The proposal to launch the scheme for the traders’ community was approved by the Cabinet on 31 May 2019.
  • 420 million
    Estimated number of India's 500 million workforce (84%) that belong to the unorganized sector and who do not have any kind of social security.
  • Mar 2019
    Pension scheme - Pradhan Mantri Shram Yogi Maandhan (PMSYM), - announced to provide coverage to these large number of workers. The government has set an ambitious target of enrolling at least 100 million unorganised sector workers such as rickshaw-pullers and rag-pickers under the PMSYM scheme by 2024-25.
  • 3.5 million
    Number of unorganised sector workers that have got themselves enrolled under the scheme PMSYM in the 4 months since its roll out.