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Plutus IAS Current Affairs (ENG) 12_March_ 2025 (1)

Plutus IAS, recognized as one of the Best IAS coaching institutes in Delhi, offers a structured and comprehensive Daily Current Affairs program designed specifically for UPSC aspirants. This initiative helps candidates stay updated on crucial national and international events, a key component of the General Studies syllabus for both Prelims and Mains. Understanding the significance of current affairs in the UPSC exam, Plutus IAS follows an analytical and syllabus-oriented approach, ensuring aspirants develop a deep understanding of relevant issues rather than just memorizing facts.

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Plutus IAS Current Affairs (ENG) 12_March_ 2025 (1)

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  1. Plutus IAS Date–12-March2025 PM-SYM: ENSURING FINANCIAL SECURITY FOR INDIA’S UNORGANISED WORKFORCE WHYINTHENEWS? The Pradhan Mantri Shram Yogi Maandhan (PM-SYM) is a voluntary pension scheme by the Government of India providing social security to unorganised workers. It guarantees a ₹3,000 monthly pension after 60 years for workers earning up to ₹15,000 per month. Acknowledging their significant role in contributing nearly 50% of India’s GDP, the scheme covers various unorganised sector workers, including street vendors, domestic workers, construction labourers, and more. As of December 31, 2024, over 30.51 crore unorganised workers are registered on the e-Shram portal. KEYFEATURESOFPM-SYM 1.MinimumAssuredPension:₹3,000permonthafter60yearsofage. 2.GovernmentContribution:TheGovernmentofIndiamatchestheworker’scontributionona1:1basis. 3.VoluntaryandContributory: Theschemeisvoluntary,allowingworkerstocontributebasedontheir affordability and requirements. 4.Family Pension: If the beneficiary passes away, the spouse receives 50% of the pension amount as a family pension. Family pension is applicable only to spouses. 5.ExitProvisions:Participantscanexittheschemeunderspecifiedconditions(detailedinsection9). 6.Easy Enrolment: Eligible workers can register at Common Service Centres (CSCs) or through the Maandhan portal. 7.FundManagement:TheschemeisadministeredbyLIC,ensuringfinancialstabilityandcredibility.

  2. Plutus IAS ELIGIBILITYCRITERIA 1.AgeRequirement:18to40years. 2.IncomeLimit:Monthlyincomeshouldbe₹15,000orless. 3.Unorganised Sector Employment: Workers engaged in professions such as: Street vendors, rag pickers, rickshaw pullers Construction workers, daily wage la Agriculturalworkers,beediworkers Domesticworkers,weavers,artisans,fishermen,leatherworkers,etc. 4.ExclusionCriteria: ShouldnotbecoveredundertheE ployees’ProvidentFund(EPF),Employees’ (ESIC), or National Pension Scheme (NPS). Should not be an income taxpayer. Shouldnotbereceivingbenefitsfromanyothergovernmentpensionscheme. 5.DocumentsRequired: AadhaarCard Savings bank account or Jan Dhan account details with IFSC Mobile number ourers b tateInsurance Corporation m S

  3. Plutus IAS IMPLEMENTATIONSANDCURRENTSTATUSOFPY-SYM 1.RegularMonitoring: PeriodicreviewmeetingswithStates/UTsandstate-levelCommonServiceCentre (CSC) heads. 2.New Features & Enhancements: Introduction of Voluntary Exit, Revival Module, Claim Status, and Account Statement. 3.ExtendedAccountRevival:Dormantaccountscannowberevivedwithinthreeyearsinsteadofone. 4.Integrationwithe-Shram: Two-waylinkagebetweenPM-SYMandthee-Shramportaltostreamlineregistrations. 5.AwarenessCampaigns: SMScampaignsanddirectcommunicationwithChiefSecretariestoboost enrolment. 6.Donate-a-Pension Initiative: Encurages employers to contribute towards their staff’s pension under PM- SYM. 7.Collaboration for Expansion: Engagement with financial and policy institutions like the Pension Fund Regulatory and Development Authority (PFRDA) and National Institute of Public Finance and Policy (NIPFP) to increase outreach. o SIGNIFICANCEOFPM-SYM 1.Target Audience: The scheme aims to provide old-age protection and social security to unorganized workers, including those in home-based work, street vending, agriculture, and similar occupations.

  4. Plutus IAS 2.FinancialSecurity: PM-SYMprovidesaguaranteedmonthlypensionof₹3,000tosubscribersupon reaching the age of 60. 3.Contribution: Theschemeisavoluntaryandcontributorypensionscheme,wherethesubscriber contributes a portion of the premium, and the Central Government provides an equal matching amount. 4.FamilyPension:Ifasubscriberdies,theirspouseisentitledtoreceivea50%monthlyfamilypension. 5.IntegrationwitheShram: Theschemeislinkedtothee-Shramportal,whichaimstocreateanational database of unorganized workers and facilitate the delivery of social security schemes. 6.Coverage: PM-SYMaimstoprovideuniversalpensioncoveragetounorganizedworkers,thusenhancing the social security framework in India ISSUEINPROTECTINGTHEUNORGANISEDSECTORININDIA Category KeyIssues Informalemploymentwithnocontracts. Noaccesstopensions,gratuity,orhealthinsurance. Vulnerabletoexploitationwithlowwages,longhours,andpoor conditions. 1.LackofFormalStructuresandSecurity A dispersed workforce makes policy execution difficult. Low unionization limits collective bargaining. Weakenforcementoflabourlaws,especiallyinruralareas. 2. Challenges in Implementation andEnforcement Low and irregular incomes create financial instability. High indebtedness leads to a cycle of poverty. Unsafeandunhealthyworkingconditions. 3.EconomicandSocialChallenges e-ShramPortal: Helpsregisterunorganisedworkersbutneeds better outreach. SocialSecuritySchemes: ProgramslikePM-SYMexistbutface implementation hurdles. Need for Targeted Interventions: A single approach doesn’t suit all types of unorganised workers. 4. Government andChallenges Initiatives WAYSTOPROTECTUNORGANISEDSECTOR Category Key Strategies Formalization: Relax restrictions to bring informal workers into the formal sector. Minimum Wages & Working Hours: Establish fair wages and working hours. Social Security: Expand schemes like PM-SYM for pensions, health insurance, and unemployment benefits. Occupational Safety: Strengthen regulations for safe working conditions, especially in high-risk sectors. Enforcement & Grievance Redressal: Develop effective labor law enforcement and complaint mechanisms. 1.LegalandRegulatory Framework 2.CapacityBuilding&Skill VocationalTraining:Improveemployabilitythroughskillenhancement

  5. Plutus IAS Key Strategies Category programs. Financial Literacy: Educate workers on financial management and access to banking. Awareness & Empowerment: Inform workers about their rights and encourage collective bargaining. Development Microfinance: Expand access to small loans for self-employed individualsand businesses. Banking & Insurance: Promote financial security through easier access tobanking and insurance services. 3. Financial &Access to Credit Inclusion Basic Services: Improve access to education, healthcare, and sanitation. Health Insurance: Extend schemes like Ayushman Bharat to unorganised workers. 4.SocialWelfare&Health Data Collection: Strengthen tracking systems for unorganised workers’ conditions. RegularReviews:Assesspoliciesandmakenecessaryimprovements. 5.Monitoring&Evaluation MGNREGA:Guaranteeswageemploymentforruralworkers. PM-SYM:Providespensionsforunorganisedworkers. E-Shram Portal: Creates a national database for workers to access welfare benefits. UnorganisedWorkersSocialSecurityAct,2008: Frameworkforsocialsecurity schemes. 6.KeyGovernmentInitiatives CONCLUSION PM-SYM is a landmark initiative that provides financial security to millions of unorganised workers. Byensuring a monthly pension of ₹3,000, it helps workers lead a dignified life post-retirement. With a large numberofenrolmentsandongoingpromotionalefforts,PM-SYMaimstoprovideuniversalpension creating a more inclusive social security framework in India. coverage, PRELIMSQUESTIONS Q. With reference to the Pradhan Mantri Shram Yogi Maandhan (PM-SYM) scheme, which of the following statements is/are correct? 1.Theschemeprovidesaminimumassuredpensionof₹3,000permonthaftertheageof60. 2.Itismandatoryforallunorganisedworkersearninglessthan₹15,000permonthtoenrolinthescheme. Selectthecorrectanswerusingthecodegivenbelow: A.1only B.2only C.Both1and2 D.Neither1 nor2 Answer:A

  6. Plutus IAS MAINSQUESTIONS Q. Discuss the significance of the Pradhan Mantri Shram Yogi Maandhan (PM-SYM) scheme in providing social security to unorganised workers in India. What challenges does it face in implementation, and howcan they be addressed? (250 words, 15 marks) Plutus IAS, recognized as one of the Best IAS coaching in Delhi, offers a structured and comprehensive Daily Current Affairs program designed specifically for UPSC aspirants. This initiative helps candidates stay updated on crucial national and international events, a key component of the General Studies syllabus for both Prelims and Mains. Understanding the significance of current affairs in the UPSC exam, Plutus IAS follows an analytical and syllabus-oriented approach, ensuring aspirants develop a deep understanding of relevant issues rather than just memorizing facts. More Information Phone: +91 8448440231 Email: info@plutusias.com Website: https://plutusias.com Address: 2nd Floor, Apsara Arcade, Karol Bagh Metro Station Gate No. 6, New Delhi – 110005

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