Pradhan Mantri Shram Yogi Maandhan (PM-SYM) Yojana

Pradhan Mantri Shram Yogi Maandhan (PM-SYM) Yojana: Do you know what is Pradhan Mantri Shram Yogi Maandhan (PM-SYM) Yojana? What is the purpose of  Pradhan Mantri Shram Yogi Maandhan (PM-SYM) Yojana? If you don’t then this post is for you. We have collected everything for you in one place. If you already know then use this post as a quick revision.

Pradhan Mantri Shram Yogi Maandhan (PM-SYM) Yojana

Objective: The PM-SYM Yojana is a pension scheme for workers of the unorganised sector, announced in the interim Budget for 2019-20. It has assured monthly pension of Rs. 3,000.

Date of Implementation: February 15, 2019

Outlay of the Scheme: Rs 500 crore

Ministry Responsible: Ministry of Labour and Employment

Enrollment Agency: Community Service Centres (CSC) is the exclusive partner of Labour Ministry in implementing the scheme.

Facilitation Centres : All the branch offices of LIC, the offices of ESIC/EPFO and all Labour offices of Central and State Governments

Fund Management: Life Insurance Corporation of India (LIC)  is the Pension Fund Manager responsible for Pension pay out under the scheme.

Pradhan Mantri Shram Yogi Maandhan byscoop

Beneficiaries of the Scheme

All unorganised sector workers between 18 to 40 years of age can subscribe to the Pradhan Mantri Shram Yogi Maandhan (PM-SYM) scheme from February 15, 2019. The scheme has been brought under the Unorganised Workers’ Social Security Act, 2008.

Eligibility to Join the Scheme

  • This Scheme shall be open only to those unorganised sector workers
    • whose monthly income is not exceeding Rs 15,000
    • who has a savings bank account in his name and
    • has Aadhar number.
    • Age from 18 years to 40 years
    • who is not covered under any of the schemes like New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) scheme or Employees’ Provident Fund Organisation (EPFO).
    • who is not an Income Tax Payer.

List of unorganised sector workers who can avail the scheme

Home-based workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washermen, rickshaw pullers, landless laborers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio-visual workers and similar other occupations.

Benefit Under the Pradhan Mantri Shram Yogi Maandhan

  • Minimum Assured Pension This pension yojana shall provide the beneficiary an assured monthly pension of Rs 3,000 from the age of 60 years.
  • Family Pension (applicable only to spouse): In-case of the death of the subscriber, during the receipt of pension, the spouse of the beneficiary shall be entitled to receive 50% of the pension.

Pradhan Mantri Shram Yogi Maandhan (PM-SYM) Yojana

Monthly Contribution/ Premium by the Subscriber

  • The monthly premium will vary as per the age of beneficiary depending on the age when he joins the scheme.
  • The worker joining the scheme at the age of 40 years would contribute Rs 200, while workers at the age of 29 years would pay Rs 100.
  • The age wise monthly premium is given in the table below.

Contribution by the Government

The government will pay an equal monthly premium in the pension account every month as paid by the beneficiary according to the chart.

How to enroll for the Scheme

  • The unorganised workers may visit their nearest CSC along with their Aadhar Card and Savings Bank account passbook/Jandhan account to register under the Scheme.
  • The subscribers will need to pay the contribution amount for the first month in cash for which they will be provided with a receipt.
  • At a later stage, PM-SYM web portal and mobile app will be made available for self-register using Aadhar number/savings bank account/ Jan-Dhan account number on self-certification basis.

Exit and Withdrawal

Click Here to View Exit and Withdrawal Conditions

  • In case subscriber exits the scheme within a period of less than 10 years, the beneficiary’s share of contribution only will be returned to him with savings bank interest rate.
  • If subscriber exits after a period of 10 years or more but before superannuation age i.e. 60 years of age, the beneficiary’s share of contribution along with accumulated interest as actually earned by fund or at the savings bank interest rate whichever is higher.
  • If a beneficiary has given regular contributions and died due to any cause, his/ her spouse will be entitled to continue the scheme subsequently by payment of regular contribution or exit by receiving the beneficiary’s contribution along with accumulated interest as actually earned by fund or at the savings bank interest rate whichever is higher.
  • If a beneficiary has given regular contributions and become permanently disabled due to any cause before the superannuation age, i.e. 60 years, and unable to continue to contribute under the scheme, his/ her spouse will be entitled to continue the scheme subsequently by payment of regular contribution or exit the scheme by receiving the beneficiary’s contribution with interest as actually earned by fund or at the savings bank interest rate whichever is higher.
  • After the death of subscriber as well as his/her spouse, the entire corpus will be credited back to the fund.
  • Any other exit provision, as may be decided by the Government on advice of NSSB.

Default of Contribution

If a subscriber has not paid the contribution continuously he/she will be allowed to regularize his contribution by paying entire outstanding dues, along with penalty charges, if any, decided by the Government.

How to Enroll under the (PM-SYM) Yojana– One can enroll for  the scheme by visiting the nearest CSC. To locate the CSC Click Here

Summary

  • PM-SYM is a pension scheme for workers of the unorganised sector with monthly upto Rs 15,000
  • Effective from February 15, 2019
  • Total outlay for the scheme is Rs 500 crore
  • Age limit is 18 to 40 years
  • Assured Monthly pension of Rs 3000 from the age of 60

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