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.
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.
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
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