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Pradhan Mantri Sharm Yogi Man Dhan Yojana(PM-SYM)

Pradhan Mantri Sharm Yogi Man Dhan Yojana(PM-SYM)

Pradhan Mantri Shram Yogi Maandhan is a government scheme meant for old age protection and social security of Unorganized Workers (UW).

Unorganized Workers (UW) are 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 laborers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio- visual workers or workers in similar other occupations. There are approximately 42 crore such Unorganized workers in the country.

Pradhan Mantri Sharm Yogi Man Dhan Yojana(PM-SYM)

It is a voluntary and contributory pension scheme under which the beneficiary would receive a minimum assured pension of Rs 3000/- per month after attaining the age of 60 years and if the beneficiary dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension as family pension. Family pension is applicable only to spouse.





  • On the maturity of the scheme, an individual will be entitled to obtain a monthly pension of Rs. 3000/-. The pension amount helps pension holders to aid their financial requirements.
  • The scheme is a tribute to the workers in the Unorganized sectors who contribute around 50 per cent of the nation’s Gross Domestic Product (GDP).
  • The applicants between the age group of 18 to 40 years will have to make monthly contributions ranging between Rs 55 to Rs 200 per month till they attain the age of 60.
  • Once the applicant attains the age of 60, he/ she can claim the pension amount. Every month a fixed pension amount gets deposited in the pension account of the respective individual.

Eligibility Criteria

  • For Unorganized Worker (UW)
  • Entry age between 18 to 40 years
  • Monthly Income Rs 15000 or below

Should not be

  • Engaged in Organized Sector (member of EPFO/NPS/ESIC)
  • An income tax payer

He/ She should possess

  • Aadhaar card
  • Savings Bank Account / Jan Dhan account number with IFSC

Feature

  • Assured Pension of Rs. 3000/- month
  • Voluntary and Contributory Pension Scheme
  • Matching Contribution by the Government of India

Benefits to the family on death of an eligible beneficiary

During the receipt of pension, if an eligible beneficiary dies, his spouse shall be only entitled to receive fifty per cent of the pension received by such eligible beneficiary, as family pension and such family pension shall be applicable only to the spouse.

Benefits on disablement

If an eligible beneficiary has given regular contributions and become permanently disabled due to any cause before attaining his age of 60 years, and is unable to continue to contribute under this Scheme, his spouse shall be entitled to continue with the Scheme subsequently by payment of regular contribution as applicable or exit the Scheme by receiving the share of contribution deposited by such beneficiary, with interest as actually earned thereon by the Pension Fund or the interest at the savings bank interest rate thereon, whichever is higher.
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