The PM Shram Yogi Maan-Dhan (PM-SYM) was officially initiated by PM Modi.
PM-SYM will be a Central Sector Scheme regulated by the Ministry of Labour and Employment and actualized through Life Insurance Corporation of India and CSCs. LIC will be the Pension Fund Manager and in charge of Pension payout.
The sum gathered under PM-SYM benefits plan will be contributed according to the venture example determined by the Government of India.
The qualification criteria for availing the benefits of the scheme is, the unorganized sector workers generally connected as home based laborers, road sellers, mid-day meal workers, head loaders, brick kiln workers, shoemakers, rag pickers, domestic helpers, washermen, rickshaw pullers, landless workers, and so forth whose month to month pay is Rs 15,000/every month or less and are between 18-40 years of age are qualified for the plan.
They ought not to be secured under the New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) plan or Employees’ Provident Fund Organization (EPFO). Further, he/she ought not to be an income taxpayer.
What the Scheme provides?
When the recipient joins the plan at the age between 18-40 years, the recipient needs to contribute until he/she is 60 years old.
On accomplishing the age of 60 years, the supporter will get the guaranteed month to month annuity of Rs.3000/ – with the advantage of family benefits, as per the situation.
During the receipt of benefits, if the recipient dies, the life partner of the recipient will be qualified for getting half of the annuity gotten by the recipient as a family annuity. Family benefits are there just for the spouse.
The supporter’s commitments to PM-SYM will be made through ‘auto-debit’ from his/her savings account/Jan-Dhan account.
The endorser is required to contribute the recommended commitment sum from the period of joining PM-SYM till the age of 60 years.
PM-SYM is a deliberate and contributory annuity conspire on a 50:50 basis where endorsed age-specific contribution will be made by the recipient and the same by the Central Government.
For instance, if an individual enters the plan at an age of 29 years, he is required to contribute Rs 100/ – every month till the age of 60 years. An equivalent measure of Rs 100/ – will be contributed by the Central Government.
All the branches of LIC, the workplaces of ESIC/EPFO and all Labour offices of Central and State Governments will take further the work about the Scheme by educating the unorganized workers about it.
