Pradhan Mantri Shram Yogi Maan-dhan Yojana

• Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) is a Central Sector Scheme meant for old age protection and social security of Unorganised Workers (UW).
• It was launched in 2019 and it is administered by the Ministry of Labour and Employment.

Features

• It is implemented through Life Insurance Corporation of India (LIC)—the pension fund manager—and Community Service Centers (CSCs).
• It is a voluntary and contributory pension scheme, under which the subscriber would receive a minimum assured pension of Rs 3000/- per month after attaining the age of 60 years.
• If the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension as family pension.
• It is worth noting that family pension is applicable only to spouse.

Eligibility

• The subscriber should be an unorganised worker (UW).
  • There are estimated 42 crore such unorganised workers in the country.
  • They are mostly engaged as rickshaw pullers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, home-based workers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio- visual workers or in similar other occupations.
• The entry age of the subscriber should be between 18 and 40 years.
• The subscriber should have a monthly income of Rs 15000 or below.
• Also, he/she should not be engaged in organized sector of the economy.
• Moreover, she/she should not be an income tax payer.

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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 Rs.55-200, depending on the age group he/she belongs.
• 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.

Enrolment Centres

• The enrolment will be carried out by all the Common Services Centres.
• The unorganised workers may visit their nearest CSC along with their Aadhar Card and Savings Bank account passbook/Jandhan account and get registered themselves for the Scheme.

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Exit and Withdrawal

• Considering the hardships and erratic nature of employability of these workers, the exit provisions of scheme have been kept flexible. Exit provisions are as under:
  • In case subscriber exits the scheme within a period of less than 10 years, the beneficiary’s share of contribution only will be returned to him with savings bank interest rate.
  • If subscriber exits after a period of 10 years or more but before superannuation age i.e., 60 years of age, the beneficiary’s share of contribution along with accumulated interest as actually earned by fund or at the savings bank interest rate whichever is higher, will be provided.

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