Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM)

From Prelims Sureshots » Schemes & Welfare Initiatives

Introduction: Pradhan Mantri Shram Yogi Maandhan is a government scheme that provides an assured monthly pension of Rs. 3,000 to unorganized workers after they attain 60 years of age.

Ministry/Agency: Ministry of Labour and Employment.

Eligibility: For unorganized workers between the age of 18 to 40 years with a monthly income of up to Rs. 15,000.

Benefits:

Assured pension of Rs. 3,000 per month after the age of 60 years.
If the beneficiary dies before 60 years of age, the spouse will receive 50% of the pension amount.
Fixed pension amount gets deposited every month in the beneficiary’s pension account.
If the beneficiary exits the scheme within ten years, the share of contribution with savings bank interest rate will be returned.
If the beneficiary exits after ten years or more but before the age of 60 years, the share of contribution along with accumulated interest will be returned.
If a beneficiary dies due to any cause, the spouse can continue the scheme or exit with the beneficiary’s contribution with interest.
If a beneficiary becomes permanently disabled before 60 years, the spouse can continue the scheme or exit with the beneficiary’s contribution with interest.
After the death of the subscriber and their spouse, the entire corpus will be credited back to the fund.

Implementation Strategy:

Monthly contributions ranging from Rs. 55 to Rs. 200 per month till they attain the age of 60.
Default: A subscriber who has not paid the contribution continuously can regularize the contribution by paying outstanding dues and penalty charges.
Pension payout by DBT after attaining the age of 60.
Grievance redressal through customer care number and web portal/app.
Clarification provided by Joint Secretary & Director General (Labour Welfare) will be final.

Exclusions: Income tax payer, member/beneficiary for ESIC and EPFO.