Pradhan Mantri Shram Yogi Maandhan (PM-SYM), which was launched in 2019, is a government scheme that caters to old age protection and social security of unorganised workers. The scheme provides subscribers with a minimum assured pension of ₹3000 per month after the age of 60 years. The scheme requires subscribers to make monthly contributions in the range of ₹55 to ₹200 per month till the age of 60 years.
What are the eligibility criteria for enrollment?
The scheme is for unorganised workers and has an entry age between 18 to 40 years. The applicant for the scheme must have a monthly income of ₹15,000 or less and should not be an income tax payee. Additionally, the applicant should not be enrolled in schemes like the National Pension Scheme, the Employees’ State Insurance Corp scheme, or the Employees’ Provident Fund scheme.
How does the scheme work?
The scheme is voluntary in nature and works on contributions made by the subscribers, which are matched with the contributions from the government on a 50:50 basis. These contributions become higher with the age of the subscribers and the contribution amount for the first month is paid in cash for which the subscriber is also provided with a receipt. Cards with unique ID numbers are issued to all subscribers of the scheme.
How to enrol for the scheme?
After checking the eligibility criteria, subscribers can enrol for the scheme by visiting the nearest common service centres (CSCs). According to the government, enrollment services for this scheme are being provided at more than 300,000 CSCs across the country.
What are the documents required for enrollment?
To enrol for the scheme, the subscriber requires a savings bank account or Jan Dhan account. Aadhaar card is also mandatory for this scheme.
What are the exit provisions in the scheme?
In case the subscriber wishes to exit the scheme within a period of fewer than 10 years, their share of contribution will be returned with a savings bank interest rate. If the subscriber exits after 10 years or more but before turning 60, their share of contribution along with accumulated interest or the savings bank interest rate, whichever is higher, will be returned…Read more>>