Pension Scheme: Pradhan Mantri Shram Yogi Maan-Dhan Yojana launched

Pension Scheme: Pradhan Mantri Shram Yogi Maan-Dhan Yojana launched: Beneficiaries, Eligibility, Benefits

Ministry of Labour and Employment on 15 February 2019 launched the Pradhan Mantri Shram Yogi Maan-Dhan Yojana (PM-SYM), a pension scheme for unorganized sector. It was announced in the Interim Budget 2019.

PM-SYM scheme was implemented from February 15 itself, it is a voluntary and contributory pension scheme that will engage as many as 42 crore workers in the unorganised sector.

Beneficiaries

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, washermen, rickshaw pullers, landless labourers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio-visual workers and similar other occupations.

Eligibility

The unorganized 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 the 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.

Benefits

Minimum Assured Pension: Each subscriber under the scheme will receive a 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 a pension, his or her spouse will be entitled to receive 50 percent of the pension as a family pension. This family pension is applicable only to a spouse.

In case of death before the age of 60 years: If a beneficiary has given a 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.