Pradhan Mantri Shram Yogi Maandhan Scheme is a social security pension scheme for workers in the unorganised sector. The launch of the new social security pension scheme was announced by interim Finance Minister Piyush Goyal in Lok Sabha while presenting the interim budget for Financial Year 2019-20. The PMSYM scheme will become the largest pension scheme in the world for the workers in the unorganised sector within five years.  

The Scheme Pradhan Mantri Shram Yogi Maandhan Scheme envisages providing an assured monthly pension of Rs. 3,000 per month. The workers in the unorganised sector on attaining age of 60 will be covered under the scheme. However, to benefit under the scheme and enjoy pension, workers will have to contribute a maximum of Rs. 100 per month during their working age. The monthly contribution will vary between Rs. 55 and Rs. 100 depending upon the age of the worker. Thus, the scheme comes with a participatory contribution from the beneficiaries. The workers with monthly income less than Rs. 15,000 will be covered under the scheme. The Pradhan Mantri  Shram Yogi Manadhan Scheme will cover 10 crore workers in the unorganised informal sector.  

The interim budget envisages providing Rs. 3,000 crore towards Pradhan Mantri Shram Yogi Mandhan, the assured monthly pension scheme. Rs. 500 Cr is allotted for the scheme in the interim budget. The interim finance minister declared that the scheme would be implemented from FY 2019-20 itself. According to the minister, 50 percent of India's GDP comes from hard work, sweat and toil of approximately 42 crore workers in the unorganised sector. Hence, the PMSYM scheme recognizes their contribution in nation building.   The new PMSYM pension scheme will run alongside the existing Atal Pension Yojana (APY). APY also guarantees pension post-retirement. 

In an election year, the government is trying to regain the lost ground through many schemes announced through the interim budget. An estimated 200 million workers in unorganised and informal sector had carried out two day national strike on January 8-9, 2019. The informal sector depends heavily on cash transactions for survival. This was one of the mainly hit sectors during demonetisation. 
Announcement like PMSYM, increasing gratuity limit to  Rs 30 lakh, waiver of tax on notional rent for a second house, Pradhan Mantri Kisan Samman Nidhi Scheme for small and marginal landholding farmers, increasing rebate under section 87A of Income Tax Act etc are seen as efforts on the part of government to attract voters of unorganised workers, farmers and middle class employees.