[pib] PM Shram Yogi Maan-Dhan (PM-SYM) Scheme

Note4students

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


News

  • The PM Shram Yogi Maan-Dhan (PM-SYM) was formally inaugurated by PM Modi.

PM Shram Yogi Maan-Dhan (PM-SYM) 

  1. 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.
  2. LIC will be the Pension Fund Manager and responsible for Pension pay out.
  3. The amount collected under PM-SYM pension scheme shall be invested as per the investment pattern specified by GoI.

Eligibility Criteria

  1. 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.
  2. They should not be covered under New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) scheme or Employees’ Provident Fund Organisation (EPFO).
  3. Further, he/she should not be an income tax payer.

Features of PM-SYM

Pension Pay out

  1. Once the beneficiary joins the scheme at the entry age of 18-40 years, the beneficiary has to contribute till 60 years of age.
  2. 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.

Family Pension

  • 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.

Enrolment Process

  • 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.

Facilitation Centres

  • 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.
Labour, Jobs and Employment – Harmonization of labour laws, gender gap, unemployment, etc.
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