Evaluating the Implementation and Outcomes of the PMSYM Pension Scheme for Unorganized Sector Workers in India

Abstract

The Pradhan Mantri Shram Yogi Maan-dhan (PMSYM) pension scheme was introduced in India with the objective of providing financial security to unorganized sector workers during their retirement years. This study aims to evaluate the implementation and outcomes of the PMSYM scheme, focusing on its effectiveness in reaching and benefiting the target population. The quantitative analysis examines the extent of coverage, enrollment rates, and demographic characteristics of PMSYM beneficiaries. It also assesses the financial sustainability and administrative efficiency of the scheme. Additionally, the study investigates the impact of PMSYM on the income security and overall well-being of unorganized sector workers by analyzing the socioeconomic status of beneficiaries before and after enrollment. The qualitative component of the research explores the experiences and perceptions of PMSYM beneficiaries, shedding light on factors influencing enrollment decisions, challenges faced in accessing the scheme, and the perceived adequacy of pension benefits. The findings of this study contribute to the ongoing discourse on social security measures in India, specifically targeting the unorganized sector. By critically evaluating the PMSYM scheme, the research aims to provide actionable insights for policymakers, suggesting improvements in the scheme’s design, outreach strategies, and overall effectiveness. Ultimately, this evaluation seeks to inform evidence-based policy decisions that enhance the well-being of unorganized sector workers and strengthen the social security landscape in India.