PM-SYM: PM Modi launches Pradhan Mantri Shram Yogi Maan-Dhan Yojana from Gujarat

Mar 5, 2019 13:22 IST
PM-SYM: PM Modi launches Pradhan Mantri Shram Yogi Mandhan Yojana from Gujarat

Prime Minister Narendra Modi on March 5, 2019 launched the Pradhan Mantri Shram Yogi Maan-dhan Yojana (PM-SYM), a mega pension scheme for unorganised sector, from Gandhinagar, Gujarat. The scheme was announced in the Interim Budget 2019.

The PM-SYM is a voluntary and contributory pension scheme that will benefit as many as 10 crore workers in the unorganised sector.

It will provide monthly pension of Rs 3000 to the employees of unorganised sector after 60 years of age.

Pradhan Mantri Shram Yogi Maan-Dhan Yojana: Everything you need to know

Eligibility

  • The unorganised sector workers, with income of less than Rs 15,000 per month and who belong to the entry age group of 18-40 years, will be eligible for the scheme.
  • Those workers should not be covered under New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) scheme or Employees’ Provident Fund Organisation (EPFO).
  • He or she should not be an income tax payer.

Who are the workers of unorganised sector?

The workers of unorganised sector can be home based workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, rickshaw pullers, landless labourers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio- visual workers and similar other occupations.

Benefits under Pradhan Mantri Shram Yogi Maan-dhan Yojana

Minimum Assured Pension: Each subscriber under the scheme will receive minimum assured pension of Rs 3000 per month after attaining the age of 60 years.

In case of death during receipt of pension: If the subscriber dies during the receipt of pension, his or her spouse will be entitled to receive 50 percent of the pension as family pension. This family pension is applicable only to spouse.

In case of death before the age of 60 years: If a beneficiary has given regular contribution and dies before attaining the age of 60 years, his or her spouse will be entitled to continue the scheme subsequently by payment of regular contribution or may even exit the scheme.

Contribution to the scheme

Contribution by the Subscriber: The subscriber is required to contribute the prescribed contribution amount from the age of joining the scheme till the age of 60 years.

Medium of contribution: The subscriber can contribute to the PM-SYM through ‘auto-debit’ facility from his or her savings bank account or from his or her Jan- Dhan account.

Equal contribution by the Central Government: Under the PM-SYM, the prescribed age-specific contribution by the beneficiary and the matching contribution by the Central Government will be made on a ‘50:50 basis’.

For example, if a person enters the scheme at an age of 29 years, he or she is required to contribute Rs 100 per month till the age of 60 years and the equal amount of Rs 100 will be contributed by the Central Government.

Enrolment Process for Pradhan Mantri Shram Yogi Maan-Dhan Yojana

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