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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.
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