Pradhan Mantri Shram Yogi Mandhan (PMSYM) is a contributory and voluntary pension scheme for the unorganised sector. It was introduced in Budget 2019. Under this scheme, the subscribers will get a minimum pension of Rs. 3000 per month after 60 years. However, the subscribers have to make contributions in the range of Rs. 55 to Rs. 200 per month till 60 years. In addition, this is one of the largest pension schemes launched by the Government of India. This scheme is for the labour class who fall in the age group 18 years to 40years. Also, this scheme offers a regular pension after 60 years. Therefore, this scheme provides old age protection and social security for unorganised workers (UW).
OVERVIEW OF PRADHAN MANTRI SHRAM YOGI MAAN-DHAN
|Name||PRADHAN MANTRI SHRAM YOGI MAAN-DHAN|
|Also known as||PM- SYM|
|Launched in||February 2019|
|Launched by||PM Narendra Modi|
|Nodal Ministry||Ministry of Labour and Employment|
|Largest in world||World’s largest pension scheme|
|Sector||Central sector scheme|
OBJECTIVE AND BENEFITS OF PRADHAN MANTRI SHRAM YOGI MAAN-DHAN
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 and if the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension as family pension. Family pension is applicable only to spouses.
HOW TO APPLY FOR PRADHAN MANTRI SHRAM YOGI MAAN-DHAN
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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