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Title: Govt expands scope of flagship pension scheme ahead of rollout
Date:15 February 2019

The Union government on 14 February 2019 extended the unorganized sector employees’ pension scheme to those under 40. It also made the 12-digit unique identity number, or Aadhaar, mandatory for enrolling in the Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) scheme. While finance minister Mr Piyush Goyal in his interim budget speech had indicated that employees between the age of 18 and 29 may be the prime beneficiaries, the Union government said that workers between the age of 18 and 40 can enrol for it by paying a nominal amount. The centre also clarified several clauses related to the eligibility criteria, entry and exit clauses, the pension accumulations and the family benefits ahead of its rollout on 15 February 2019. The labour ministry, which will be the nodal body, shall execute the pension scheme through the Life Insurance Corporation of India as the pension fund manager.

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