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DC Kohima, Gregory Thejawelie NCS chairing the District Level Implementation Committee for PM-SYM and NPS-Traders meeting at his office chamber on March 3. (DIPR Photo)
Kohima, March 3 (MExN): Kohima District Level Implementation Committee for Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) and National Pension Scheme (NPS) for Traders and Self-employed Persons meeting was held under the chairmanship of Deputy Commissioner, Kohima Gregory Thejawelie NCS at his office chamber on March 3.
As per DIPR report, the DC gave a brief highlight on the scheme implemented under the Labour Department as Nodal Department. He said that the scheme covers two sections - (PM-SYM) - a pension scheme for unorganized workers and (NPS-Traders) - a pension scheme for retail traders/shopkeepers and self-employed persons.
He said that Kohima district has to achieve a target of 3,300 enrollments by the end of March 2020, however it was observed that slow progress in enrollment was reported by the Nodal Department. He therefore requested all the area administrative officers along with all the line departments to initiate at their respective areas/jurisdictions and to sensitise the targeted group on the requirement of documents and benefits of the scheme and facilitate them to get enrollment within this few weeks.
The PM-SYM scheme is meant for old age protection and social security of Unorganized Workers (UW) whose monthly income is Rs 15,000 or below and who are mostly engaged as street vendors, head loaders, cobblers, rag pickers, washer men and workers of mid-day meal, brick kiln, domestic, home-based, own account, agricultural, construction, beedi, handloom, leather, audio-visual or in similar other occupations.
NPS-Trader is also meant for old age protection and social security of traders whose annual turnover does not exceed Rs 1.5 crore. These retail traders/shopkeepers and self employed persons are mostly working as shop owners, retail traders, rice/oil mill owners, workshop owners, commission agents, brokers of real estate, owners of small hotels/restaurants and other Vyaparis.
Features of the two schemes - it is a voluntary and contributory pension scheme, under which the subscriber would receive a minimum assured pension of Rs 3,000 per month after attaining the age of 60 years and if the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension as family pension. Family pension is applicable only to spouse.
Under these schemes, the subscriber has to contribute monthly an amount depending on his/her entry age (as per the given chart) through 'auto-debit' facility from his/her account from the date of joining till the age of 60 years where the Central Government will also give equal matching contribution in his/her pension account.
The eligibility criteria of entry age for PM-SYM and NPS- Traders scheme is between 18 to 40 years. For enrollment, the UW and NPS-Traders have to visit the nearest Common Services Centre (CSC) and get enrollment using Aadhar Card and Saving Bank Account/Jan-Dhan account number on self certification basis. First subscription to be paid in cash and auto debit from next month onwards.
The PM-SYM and NPS-Traders will be a central sector scheme administered by the Ministry of Labour and Employment and implemented through Life Insurance Corporation of India and CSC e-Governance Service India Limited (CSC SPV). LIC will be the Pension Fund Manager and responsible for Pension pay out.
