Pradhan Mantri Shram Yogi Maan-Dhan Yojana (PM-SYM) (Old Age Protection)
Pradhan Mantri Shram Yogi Maandhan is a government scheme meant for old age protection and social security of Unorganized Workers (UW).Unorganized Workers (UW) are mostly engaged as home based workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, rickshaw pullers, landless laborers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio- visual workers or workers in similar other occupations. There are approximately 42 crore such Unorganized workers in the country
It is a voluntary and contributory pension scheme under which the beneficiary would receive a minimum assured pension of Rs 3000/- per month after attaining the age of 60 years and if the beneficiary dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension as family pension. Family pension is applicable only to spouse.On the maturity of the scheme, an individual will be entitled to obtain a monthly pension of Rs. 3000/-. The pension amount helps pension holders to aid their financial requirements.
The scheme is a tribute to the workers in the Unorganized sectors who contribute around 50 per cent of the nation’s Gross Domestic Product (GDP).The applicants between the age group of 18 to 40 years will have to make monthly contributions ranging between Rs 55 to Rs 200 per month till they attain the age of 60.Once the applicant attains the age of 60, he/ she can claim the pension amount. Every month a fixed pension amount gets deposited in the pension account of the respective individual.Voluntary and contributory pension schemesMonthly contribution ranges from Rs.55 to Rs.200 depending upon the entry age of the beneficiary.Under this schemes, 50% monthly contribution is payable by the beneficiary and equal matching contribution is paid by the Central Government.
Eligibility Criteria
- Should be an Indian Citizen
- Unorganised Workers (working as street vendors, agriculture related work, construction ?
- site workers, workers in industries of leather, handloom, mid-day meal, rickshaw or auto
- wheelers, rag picking, carpenters, fisherman’s etc.
- Age group of 18-40 years
- Monthly income is below Rs.15000 and not a member of EPFO/ESIC/NPS (Govt. funded).
Benefits
- On the maturity of the scheme, an individual will be entitled to obtain a monthly pension of
- Rs. 3000/-. The pension amount helps pension holders to aid their financial requirements.
- On death of the beneficiary, spouse is eligible for 50% monthly pension.
- If husband and wife, both joins the scheme, they are eligible for Rs. 6000/- monthly pension jointly.
How to Apply
- Aadhaar card
- Savings Bank Account / Jan Dhan account number with IFSC
- Once the beneficiary joins the scheme at the entry age of 18-40 years,
