PMSYM – Pension Scheme for Unorganised Workers
The government of India has introduced a pension scheme for unorganized 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, washermen, rickshaw pullers, landless labourers, own-account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audiovisual 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 the New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) scheme, or Employees’ Provident Fund Organisation (EPFO). Further, he/she should not be an income taxpayer.
Features of PM-SYM: It is a voluntary and contributory pension scheme, under which the subscriber would receive the following benefits :
(i) Minimum Assured Pension: Each subscriber under the PM-SYM, shall receive a minimum assured pension of Rs 3000/- per month after attaining the age of 60 years.
(ii) Family Pension: During the receipt of a pension, if the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension received by the beneficiary as a family pension. Family pension is applicable only to a spouse.
(iii) If a beneficiary has given regular contribution and died due to any cause (before age of 60 years), his/her spouse will be entitled to join and continue the scheme subsequently by payment of regular contribution or exit the scheme as per provisions of exit and withdrawal.
For more details download the PMSYM – Pension Scheme for Unorganised Workers in PDF format using the link given below.
