Finance Minister Piyush Goyal in his Budget 2019 speech has proposed to launch a mega pension yojana namely ‘Pradhan Mantri Shram-Yogi Maandhan’ (PMSYM) for the unorganised sector workers.
There are two other prominent pension schemes in the market – National Pension System (NPS) and Atal Pension Yojana (APY). While NPS is a defined contribution pension plan, the APY is similar to PMSYM, both being defined benefit pension plans. NPS is a market-linked pension plan in which amount of pension is determined by the amount the amount one saves.
