The government has started the registration process under the PM-SYM (Pradhan Mantri Shram Yogi Maan-Dhan) scheme, reported news agency Indo-Asian News Service (IANS). Announced in the Interim Budget, the pension scheme is aimed at persons engaged in the unorganized sector in the age group of 18-40 years with a monthly income of up to Rs. 15,000 per month, according to the
Here are key things to know about the pension scheme PM-SYM (Pradhan Mantri Shram Yogi Maan-Dhan):
1. How to subscribe: One needs to have a mobile phone, savings bank account and Aadhaar number to avail the benefits under the PM-SYM scheme. However, if a subscriber exits the scheme within a period of less than 10 years, the beneficiary’s share of contribution only will be returned to him/her with a savings bank interest rate, according to the labour ministry website.
However, workers will not be eligible for the scheme if they are covered under New Pension Scheme (NPS), Employees’ Insurance Corporation (ESIC) scheme or Employees’ Provident Fund Organisation (EPFO). Further, he/she should also not be an income tax payer.
2. Minimum assured pension: Each subscriber under the PM-SYM will receive a minimum assured pension of Rs. 3,000 per month after attaining the age of 60 years, according to the ministry.
3. Contribution of money: The contributions under the scheme are to be made on a 50:50 basis where age-specific contribution shall be made by the beneficiary and the matching contribution by the government. The subscriber’s contributions to the pension scheme shall be made through auto-debit facility from the bank account.
4. Family pension: During the receipt of pension, if the subscriber dies, the spouse of the beneficiary will receive 50 per cent of the pension. The family pension is applicable only to the spouse of the subscriber.
| Entry Age | Superannu ation Age | Member’s monthly contribution (Rs.) | Central govt’s monthly contribution | Total monthly contribution (Rs.) |
|---|---|---|---|---|
| 18 | 60 | 55 | 55 | 110 |
| 19 | 60 | 58 | 58 | 116 |
| 20 | 60 | 61 | 61 | 122 |
| 21 | 60 | 64 | 64 | 128 |
| 22 | 60 | 68 | 68 | 136 |
| 23 | 60 | 72 | 72 | 144 |
| 24 | 60 | 76 | 76 | 152 |
| 25 | 60 | 80 | 80 | 160 |
| 26 | 60 | 85 | 85 | 170 |
| 27 | 60 | 90 | 90 | 180 |
| 28 | 60 | 95 | 95 | 190 |
| 29 | 60 | 100 | 100 | 200 |
| 30 | 60 | 105 | 105 | 210 |
| 31 | 60 | 110 | 110 | 220 |
| 32 | 60 | 120 | 120 | 240 |
| 33 | 60 | 130 | 130 | 260 |
| 34 | 60 | 140 | 140 | 280 |
| 35 | 60 | 150 | 150 | 300 |
| 36 | 60 | 160 | 160 | 320 |
| 37 | 60 | 170 | 170 | 340 |
| 38 | 60 | 180 | 180 | 360 |
| 39 | 60 | 190 | 190 | 380 |
| 40 | 60 | 200 | 200 | 400 |
(Source: labour.gov.in)
5. Untimely death: If a beneficiary has contributed regularly and dies due to any cause (before age of 60 years), his/her spouse will be entitled to join and continue the scheme subsequently by payment of regular contribution or exit the scheme as per provisions of exit and withdrawal.
