New Delhi: The Modi government had introduced a pension scheme for unorganized workers called Pradhan Mantri Shram Yogi Maan-Dhan Yojna (PM-SYM) for the workers of the unorganized sector so that they can be given old age protection.
PM-SYM is a voluntary and contributory pension scheme, under which the subscriber would receive a minimum assured pension of Rs 3000 per month after attaining the age of 60 years. If the subscriber dies while receiving a pension, the beneficiary’s spouse is entitled to 50 percent of the beneficiary’s income as a family pension. Only the spouse is eligible for a family pension.
Another aspect of this scheme is that PM Jan Dhan account holders can also avail of pension under this scheme. Let’s have a look at the Pradhan Mantri Shram Yogi Maan-Dhan Yojna and how subscribers of the PM Jan Dhan account can avail of benefits from the scheme.
The unorganized workers whose monthly income is Rs 15,000 per month or less and belong to the entry age group of 18-40 years are eligible for Pradhan Mantri Shram Yogi Maan-dhan. Also, the PM-SYM should not be covered under New Pension Scheme (NPS), the Employees’ State Insurance Corporation (ESIC) scheme, or the Employees’ Provident Fund Organisation (EPFO). Further, he/she should not be an income taxpayer.
The subscriber’s contributions to PM-SYM shall be made through the ‘auto-debit’ facility from his/ her savings bank account or Jan- Dhan account. The subscriber is required to contribute the prescribed contribution amount from the age of joining PM-SYM till the age of 60 years.
In the PM-SYM pension scheme, a 50:50 basis of payment contribution shall be made by the beneficiary and the matching contribution by the Central 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.
Once the beneficiary joins the scheme at the entry age of 18-40 years, the beneficiary has to contribute till 60 years of age. On attaining the age of 60 years, the subscriber will get the assured monthly pension of Rs 3000 with the benefit of a family pension, as the case may be.