Labour Ministry to appoint actuary for valuation of PM-SYM pension scheme

The scheme has failed to pick up pace, even after more than five years since it was launched in March 2019

Pension
Premium

According to the RFP, a total of 4.99 million workers had joined the scheme by the end of FY24, and it has accumulated a corpus of Rs 3,414 crore. (Photo: Shutterstock)

Shiva Rajora New Delhi
3 min read Last Updated : Aug 27 2024 | 7:22 PM IST

Listen to This Article

The government is set to assess its flagship pension scheme for the unorganised sector and will soon appoint an actuary to conduct an actuarial valuation.

The actuary will be appointed by the labour ministry to assess the Pradhan Mantri Shram Yogi Maandhan (PM-SYM) yojana. The scheme has failed to pick up pace, even after more than five years since it was launched in March 2019. 

“The actuary will have to assess the long-term financial sustainability of the scheme by developing a financial model based on actuarial assumptions and analysis to determine the impact of suggested future changes envisaged to the pension scheme