Indian Polity Current Affairs Analysis
Central Sector Pension Scheme launched in 2019
administered by the Ministry of Labour and Employment
Life Insurance Corporation of India (LIC) acts as the Pension Fund Manager.
targets unorganized workers aged 18 to 40
scheme promises a pension of Rs 3,000 per month after the worker turns 60
Revamping the Scheme
Expand Entry Age: Increase the eligibility age from 40 years to 50 years to include older unorganized workers.
Scheme Merger: Combine PM-SMY with Atal Pension Yojana and Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana for better alignment and coverage.
e-Shram Portal: The e-Shram portal, with a database of over 305 million workers, can play a critical role in onboarding beneficiaries for PM-SMY
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