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All You Need To Know About The Pradhan Mantri Shram Yogi Mandhan Yojana

All You Need To Know About The Pradhan Mantri Shram Yogi Mandhan Yojana
(Source- PIB)

India Ahead

All You Need To Know About The Pradhan Mantri Shram Yogi Mandhan Yojana

The scheme is expected to benefit crores of people in the unorganised sector.

Prime Minister Narendra Modi launched the Pradhan Mantri Shram Yogi Mandhan Yojana (PM- SYM) pension scheme in Gandhinagar, Gujarat on Tuesday. Union Railways and Coal Minister Piyush Goyal said that this is the world’s largest pension scheme. There are around 42 crore people employed in the unorganised sector and the government’s aim is to reach out to the last mile. The Minister also appealed to everyone to reach out to as many citizens as possible so that the beneficiaries are able to reap the benefits of the scheme.

(Read – Ayushman Bharat: The Pradhan Mantri Jan Arogya Yojana In 10 Points)

Here Are 10 Points About Pradhan Mantri Shram Yogi Mandhan Yojana

  • Under the Pradhan Mantri Shram Yogi Mandhan Yojana, each subscriber after attaining the age of 60 years shall receive a minimum assured pension of Rs 3,000 per month.
  • During the receipt of pension, if the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension received by the beneficiary as family pension. Family pension is applicable only to the spouse.
  • If a beneficiary has given regular contribution and dies due to any cause (before age of 60 years), the spouse shall join and continue the scheme subsequently by payment of regular contribution or exit the scheme as per provisions of exit and withdrawal.
  • The subscriber’s contributions to PM-SYM shall be made through ‘auto-debit’ facility from the savings bank account or Jan-Dhan account.
  • The subscriber is required to contribute the prescribed contribution amount from the date of joining PM-SYM till 60 years of age.
  • The scheme is a voluntary and contributory pension scheme on a 50:50 basis. A prescribed age-specific contribution shall be made by the beneficiary and a matching contribution by the Central Government as per the chart.
  • Unorganised workers with a monthly income of Rs 15,000 per month or less and belonging to the entry age group of 18-40 years are eligible for the scheme.
  • They should not be covered under New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) scheme or Employees’ Provident Fund Organisation (EPFO). They are only eligible if they are not income tax payers.
  • The scheme was announced in the Interim Budget 2019, on 1st February, 2019.
  • Enrolment for the scheme began just a few weeks later, on 15 February 2019.

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