Mains Paper 2: Governance | Welfare schemes for vulnerable sections of the population by the Centre & States & the performance of these schemes
From UPSC perspective, the following things are important:
Prelims level: Pradhan Mantri Shram- Yogi Maandhan Yojana
Mains level: Pension Scheme for Unorganised sector workers
- The PM Shram Yogi Maan-Dhan (PM-SYM) was formally inaugurated by PM Modi.
PM Shram Yogi Maan-Dhan (PM-SYM)
- PM-SYM will be a Central Sector Scheme administered by the Ministry of Labour and Employment and implemented through Life Insurance Corporation of India and CSCs.
- LIC will be the Pension Fund Manager and responsible for Pension pay out.
- The amount collected under PM-SYM pension scheme shall be invested as per the investment pattern specified by GoI.
- The unorganised 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 labourers, etc. whose monthly income is Rs 15,000/ per month or less and belong to the entry age group of 18-40 years are eligible for the scheme.
- 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.
Features of PM-SYM
Pension Pay out
- 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 get the assured monthly pension of Rs.3000/- with benefit of family pension, as the case may be.
- During the receipt of pension, if the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension received by the beneficiary as family pension.
- Family pension is applicable only to spouse.
Contribution by the Subscriber
- The subscriber’s contributions to PM-SYM shall be made through ‘auto-debit’ facility from his/ her savings bank account/ Jan- Dhan account.
- The subscriber is required to contribute the prescribed contribution amount from the age of joining PM-SYM till the age of 60 years.
Matching contribution by the Central Government
- PM-SYM is a voluntary and contributory pension scheme on a 50:50 basis where prescribed age-specific contribution shall be made by the beneficiary and the matching contribution by the Central Government.
- For example, if a person enters the scheme at an age of 29 years, he is required to contribute Rs 100/ – per month till the age of 60 years.
- An equal amount of Rs 100/- will be contributed by the Central Government.
- The enrolment will be carried out by all the Community Service Centers (CSCs).
- The subscriber will be required to have a mobile phone, savings bank account and Aadhaar number.
- The eligible subscriber may visit the nearest CSCs and get enrolled for PM-SYM using Aadhaar number and savings bank account/ Jan-Dhan account number on self-certification basis.
- All the branch offices of LIC, the offices of ESIC/EPFO and all Labour offices of Central and State Governments will facilitate the unorganised workers about the Scheme.