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

J. Suresh Kumar; D. Shobana

doi:10.34293/economics.v12i1.6841

J. Suresh Kumar Associate Professor, Department of Economics St. Joseph University, Chümoukedima, Nagaland, India https://orcid.org/0000-0002-9659-4813
D. Shobana Assistant Professor, Department of Management Studies St. Joseph University, Chümoukedima, Nagaland, India https://orcid.org/0000-0002-9506-6939

DOI: https://doi.org/10.34293/economics.v12i1.6841

Keywords: Unorganized Sector, Social Security, Pension Scheme, PMSYM Scheme, Financial Sustainability

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.

Author Biography

J. Suresh Kumar, Associate Professor, Department of Economics St. Joseph University, Chümoukedima, Nagaland, India

He earned a B.A. (Economics) and an M.A. (Economics) from Government Arts College at Bharathiar University in Coimbatore, as well as a Ph.D. from Periyar University in Salem (TN). He completed a six-month Research Methodology course called "Research Methods in Quantitative Economics (RMQE)" at the Centre for Studies in Social Sciences in Calcutta, as well as six UGC-sponsored training workshops and an interactive program. He has also taken refresher courses at various universities and research institutes. He has taken part in ten ICSSR-sponsored Research Methodology courses and workshops at various universities and colleges. With his activities, he developed the college and university while holding various administrative positions. Among his honors are the International Council for Education, Research, and Training (ICERT) Dr. Sarvepalli Radhakrishnan Global Educator Award-2022, the EMG - SSM Trust Awards for Best Teacher, the Indian Academic Researchers' Association for Best Faculty, and the Gurukul Network for Inspiring Teacher. He was the Convener of a two-day National Seminar on "Skill Development and Entrepreneurship in Northern East India" sponsored by the ICSSR. He was also the Editor in Chief of the (ISRDO) Scientific Research Journal of Arts, Humanities, and Social Science, and a member of the Board of Reviewers for Social Science journals. The Editorial Board Four International Journals of Social Sciences and Research are members. He is a member or fellow of ten professional organizations in the field of social sciences and research.

Research Interest

Agricultural Economics, Industrial Economics, Labour Economics, and Development Economics