Pradhan Mantri Shram Yogi Maan-dhan Scheme 2023: Government of India has introduced a pension scheme for unorganised workers namely Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) to ensure old age protection for Unorganised Workers.
The unorganized workers 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 laborer’s, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio- visual workers and similar other occupations whose monthly income is Rs 15,000/ per month or less and belong to the entry age group of 18-40 years. They should not be covered under New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) scheme or Employees’ Provident Fund Organisation (EPFO). Further, he/she should not be an income tax payer.
Eligibility
- For Unorganized Workers (UW)
- Entry Age between 18 to 40 years
- Monthly Income up to Rs 15000/-
Features
- Assured Pension of Rs. 3000/- month
- Voluntary and Contributory Pension Scheme
- Matching Contribution by the Government of India
The applicants between the age group of 18 to 40 years will have to make monthly contributions ranging from Rs 55 to Rs 200 per month till they attain the age of 60.
Contirubution:
If a subscriber has not paid the contribution continuously he/she will be allowed to regularize his contribution by paying entire outstanding dues, along with penalty charges, if any, decided by the Government.
Pension Payout:
Once the beneficiary joins the scheme at the entry age of 18-40 years, the beneficiary has to contribute till 60 years of age. On attaining the age of 60 years, the subscriber will receive by DBT the assured monthly pension of Rs.3000/- with benefit of family pension, as the case may be.
Benefits
Minimum assured pension of Rs 3000/- per month after attaining the age of 60 years.
- If applicant dies before age of 60, the Spouse will be entitled to continue the scheme and shall be entitled to receive 50% of the amount.
- 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.
- If he/ she exits the scheme within a period of less than 10 years, the beneficiary’s share of contribution only will be returned to him with savings bank interest rate.
- If subscriber exits after a period of 10 years or more but before 60 years of age, the beneficiary’s share of contribution along with accumulated interest as actually earned by fund or at the savings bank interest rate whichever is higher.
- If a beneficiary has given regular contributions and died due to any cause, his/ her spouse will be entitled to continue the scheme subsequently by payment of regular contribution or exit by receiving the beneficiary’s contribution along with accumulated interest as actually earned by fund or at the savings bank interest rate whichever is higher.
- If a beneficiary has given regular contributions and become permanently disabled due to any cause before 60 years, and unable to continue under the scheme, his/ her spouse will be entitled to continue the scheme subsequently by payment of regular contribution or exit the scheme by receiving the beneficiary’s contribution with interest as actually earned by fund or at the savings bank interest rate whichever is higher.
- After the death of subscriber as well as his/her spouse, the entire corpus will be credited back to the fund.
Exclusions
- Income Tax Payer
- Member / Beneficiary for ESIC (Employees’ State Insurance Corporation)
- Member / Beneficiary for EPFO (Employees’ Provident Fund Organisation)
Following are the prerequisites for the enrollment process
- Aadhaar Card
- Savings/Jan Dhan Bank Account details along with IFSC Code ( Bank Passbook or Cheque Leave/book or copy of bank statement as evidence of bank account )
- Initial contribution amount in cash will be made to the Village Level Entrepreneur (VLE).
- The VLE will key-in the Aadhaar number, Name of beneficiary and Date of birth as printed on aadhaar card for authentication.
- The VLE will complete the online registration by filling up the details like Bank Account details, Mobile Number, Email Address, Spouse (if any) and Nominee details will be captured.
- Self-certification for eligibility conditions will be done.
- System will auto calculate monthly contribution payable according to age of the Beneficiary.
- Beneficiary will pay the 1st subscription amount in cash to the VLE.
- Enrollment cum Auto Debit mandate form will be printed and will be further signed by the beneficiary. VLE will scan the same and upload it into the system.
- A unique Shram Yogi Pension Account Number (SPAN) will be generated and Shram Yogi Card will be printed.
Important Links:
| Official Website Link : |