PM-SYM employees receive a pension for life, how to apply for the system, see here In its union budget for February 2019, the central government introduced a new pension system for workers in the unorganized sectors. The PM-SYM program, which stands for Pradhan Mantri Shram Yogi Maandhan Yojana, was announced by India’s then Finance Minister Shri Piyush Goyal. Tell us about this schedule in detail.
The unorganized sector is a labor-intensive category of workers that includes construction, oil mills, quarries, salt mines and weavers, temporary workers, loaders, vegetable, fruit and newspaper sellers, domestic workers, home-based Including working people. Cobblers and other similar professions.
PM-SYM scheme eligibility qualification
- The beneficiary should be –
- a disorganized worker
- Between 18 to 40 years
- Has a monthly income of Rs 15,000. and less than
The beneficiary should not be covered by any state-sponsored social security scheme such as the National Pension Scheme (NPS) or the Employees ‘State Insurance Corporation Scheme (ECICS) or the Employees’ Provident Fund Scheme (EPFS).
How does the PM-SYM scheme work?
PM-SYM Scheme (PMSYM) is a voluntary system based on the contribution from the subscriber. When the beneficiary subscribes to the system (Pradhan Mantri Shram Yogi Maandhan Yojana), he must contribute a specific monthly premium based on his age.
For example, a person entering the system (Pradhan Mantri Shram Yogi Maandhan Yojana) at the age of 18 will receive Rs. 55 per month as opposed to a person registering at the age of 40 would need to contribute Rs 200 per month. At the same time, the central government will provide equal contributions for the subscribers to this system (PMSYM). The premium must be paid until the beneficiary turns 60 years old.
When the beneficiary reaches the age of 60, he will start receiving a monthly pension of Rs 3,000. In the event of the beneficiary’s death, his family will be entitled to half of the monthly pension, which is Rs 1500 per month. The family pension will be limited to the spouse of the deceased beneficiary.
How to apply for PM-SYM schedule?
All eligible customers of the system (Pradhan Mantri Shram Yogi Maandhan Yojana) must have an Aadhar card and savings bank account or a Jan Dhan account number with IFSC. Interested customers must visit their nearest Common Service Center (CSC), which electronically registers the subscriber for the system. Thus, Pradhan Mantri Shram Yogi Maandhan Yojana (PMSYM) aims to provide old-age security in the form of pensions to millions of disorganized workers.
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