New Pension Scheme For Unorganised Workers: Benefits, Contribution And Other Details

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 labour ministry’s website – labour.gov.in.

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.