A Guide to Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) pension scheme
(PM-SYM)Pradhan Mantri Shram Yogi Maan-dhan is explained in an easy to understand manner.
Overview:
The Government of India has launched the Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) pension scheme to provide old age security for unorganized workers.
The scheme focuses on workers in occupations like home-based work, street vending, mid-day meal work, and various labor-intensive jobs with a monthly income of Rs 15,000 or less. Eligible workers must be aged 18-40 and should not be covered by NPS, ESIC, or EPFO, nor be income taxpayers.
Features of PM-SYM
Minimum Assured Pension: Subscribers will receive Rs 3000 per month after turning 60.
Family Pension: If the subscriber dies, their spouse will receive 50% of the pension.
Pre-60 Death: The spouse can either continue the scheme by contributing or exit with the beneficiary’s contribution plus interest.
Auto Contribution: Both the subscriber and the central government together contribute in 50:50 from the age of joining till subscriber reaches 60 years of age. The subscriber's contribution shall be made through 'auto-debit' from his/her savings account.
Introduction:
The subscriber will be required to have a mobile phone, savings bank account and Aadhaar number. The eligible subscriber may visit the nearest Common Services Centres (CSC eGovernance Services India Limited (CSC SPV)) and get enrolled for PM-SYM using Aadhaar number and savings bank account/ Jan-Dhan account number on self-certification basis. Later, facility will be provided where the subscriber can also visit the PM-SYM web portal or can download the mobile app and self register.
The enrollment will also be carried out in the nearby 'Common Service Centres' where you can carry your Aadhar Card along with the passbook of your Savings account or your Jan Dhan account number.
Considering the unpredictable employment conditions of these workers, the exit provisions of the PM-SYM scheme are made flexible:
Exit within 10 years: The subscriber's contributions will be refunded with savings bank interest.
Exit after 10 years but before 60: The subscriber will receive their contributions plus accumulated interest or the savings bank interest, whichever is higher.
Death of Subscriber: If the subscriber dies, the spouse can either continue the scheme by making regular contributions or exit and receive the contributions with interest.
Permanent Disability: If the subscriber becomes permanently disabled before 60, the spouse can continue the scheme or exit and receive the contributions with interest.
Death of Both Subscriber and Spouse: The entire fund will be credited back to the scheme.
Other Provisions: Any other exit terms will be decided by the government based on recommendations from the NSSB.
PM-SYM is a voluntary and contributory pension scheme on a 50:50 basis where prescribed age-specific contribution shall be made by the beneficiary and the matching contribution by the Central Government as per the chart provided by the government. For example, if a person enters the scheme at an age of 29 years, he is required to contribute Rs 100/ - per month till the age of 60 years an equal amount of Rs 100/- will be contributed by the Central Government.
Checkout the official government site to learn more about it :https://labour.gov.in/pm-sym
The Government of India has launched a pension scheme designed specifically for unorganized sector workers called the Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM). This initiative aims to provide financial security and old age protection for individuals engaged in various unorganized professions.
The unorganized sector includes workers such as home-based laborers, street vendors, mid-day meal providers, head loaders, brick kiln laborers, cobblers, rag pickers, domestic helpers, washermen, rickshaw drivers, landless agricultural laborers, self-employed workers, farmers, construction workers, beedi makers, handloom artisans, leather craftsmen, audio-visual technicians, and other similar occupations. These workers typically earn a monthly income of Rs 15,000 or less. Eligible participants for this scheme must be within the age range of 18 to 40 years at the time of enrollment.
Additionally, these workers should not be beneficiaries of the New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) scheme, or Employees’ Provident Fund Organisation (EPFO). Furthermore, they should not be income taxpayers, ensuring that the scheme is focused on the most economically vulnerable segments of the workforce.