In 2019, PM Narendra Modi launched a pension scheme to provide social security for old people and unorganized workers (UW). The government of India launched the scheme in Gujarat. It is one of the largest pension schemes in the world, to get detailed information about it, stay tuned.
PM Shram Yogi ManDhan Yojana
The PM-SYM pension scheme is estimated to provide monetary benefits to around 42 crores of workers who have indefinite wages and old age groups. It is an optional and contributory pension scheme where beneficiaries would receive an assured pension of Rs 3000 per month after he/she attains the age of 60 years.
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|PM Shram Yogi ManDhan Yojana
|Ministry of Labour and Employment
|Life Insurance Corporation of India and CSC e-Government Services India Limited
|15th February 2019
|Mode of Contribution for Beneficiary
And if the beneficiary dies the spouse will be entitled to get 50% of the decided pension.
As a contributor, the worker will contribute start with Rs 55 from the age of 18 and the amount will increase certain rupees every year till the superannuation age. The Government will contribute the same as you every year.
PMSYM Scheme Benefits
Check the benefits for PM Shram Yogi ManDhan Yojana are as follows.
- Assured Pension: The government will pay Rs 300 monthly as the beneficiary will cross the age of 60.
- 50% pension to the Spouse if the beneficiary dies while he/she is receiving the pension.
- If a person dies before he/she receives the pension or dies before he/she crosses 60 years of age, then his/her spouse can join the scheme and continue the scheme respectively.
- If the beneficiary has taken the exit within less than 10 years, the beneficiary will get his contributed money with the savings bank interest rate. If he/she exits after 10 years, but before he/she attains the age of 60 years, the beneficiary will accumulate his share of the contribution with interest earned by the funds or the savings bank interest rates.
Important note: If the beneficiary cannot pay continuously he/she can continue his payment process by paying the entire due payment along with penalty charges.
Who is eligible for the PM-SYM Scheme?
To get the benefit of the PM-SYM pension scheme, the eligibility criteria decided by the Government of India are as follows:
- The applicant should be an unorganized worker (UW) and come under an age range of 18-40 years.
- The applicant should earn a monthly income of Rs 15,000 or below.
- The applicant should possess an Aadhar card and must have a Jan-Dhan account/savings bank account number with IFSC.
- The applicant should not be an income taxpayer
- The applicant who is engaged in an organized sector or holds a membership of EPF/NPS/ESIC is not eligible for the scheme.
How to apply for the PM Shram Yogi ManDhan Scheme?
The application is pretty easy so that all uneducated persons can get the benefit of the scheme. Follow the below points to enroll in this pension Scheme:
- The applicant visits their nearest Common Services Center (CSC) and gets registered under the Scheme. The applicant should visit with the required document given above.
- The first subscription is required to be paid in cash and from the next month onwards it will auto-debit from the beneficiary account or Jan-dhan account.
- Later on, the beneficiaries can also visit the office website of PM-SYM and register themselves.
If you want to inquire about the scheme more and have any doubts then you can visit any labor offices of state and central governments, they will provide you with detailed information about the scheme & the benefits related to it or any changes about the scheme.
Under the scheme, all Labour Offices will act as a facilitation center, so without any hesitation ask about the scheme and get yourself enrolled for financial support in your future. Or dial the customer care number 1800 2676 888, it’s available all the time.
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