A few years ago, the Modi government started the pension scheme for the economic independence of the workers of the unorganized sector of the country.
Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM), launched in 2019 by the Ministry of Labor and Employment, lets married couples earn an annual pension of Rs 72,000 by investing Rs 200 per month.
What is Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) Scheme?
The unorganized workers are mostly home workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washermen, rickshaw pullers, landless laborers, own account workers, and engaged as agricultural laborers. Construction workers, beedi workers, handloom workers, leather workers, audio-visual workers and other similar occupations whose monthly income is Rs 15,000 per month or less and belong to the entry Those between the ages of 18 and 40 are eligible for the program.
They shouldn’t be covered by the Employees Provident Fund Organization (EPFO), Employees State Insurance Corporation (ESIC), or the New Pension Scheme (NPS) (EPFO). He shouldn’t pay income taxes either.
What are the main features of Pradhan Mantri Shram Yogi Maan-Dhan Yojana?
Minimum Assured Pension: Under PM-SYM each subscriber will receive a minimum assured pension of Rs 3000 per month after attaining the age of 60 years.
Family Pension: During the receipt of the pension, if the subscriber dies, the wife of the beneficiary will be entitled to receive 50% of the pension received by the beneficiary as a family pension. The family pension is only available to the spouse.
How can I sign up for the PM-SYM (Pradhan Mantri Shram Yogi Maan-Dhan) Scheme?
The customer is required to have a mobile phone, savings bank account, and Aadhaar number. Eligible customers can visit the nearest CSC and enroll for PM-SYM by using their Aadhaar number and Savings Bank Account / Jan-Dhan Account Number on the basis of self-certification.
How can married couples get an annual pension of Rs 72,000 under the Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) scheme?
Here is a simple calculation to understand how a couple can earn an annual pension of Rs 72,000. For example, if a person is 30 years old, the monthly contribution to the plans would be around Rs 100 per month-a couple thus spends Rs 200 per month. So, while the individual contribution would be Rs 1200 in a year, after attaining 60 years, the individual would get Rs 36,000 as an annual pension (annual pension of Rs 72,000 for a couple).
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