Government of India has introduced a voluntary and contributory pension scheme for the unorganised workers under the name of Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) to ensure old age protection for Unorganised Workers.
The scheme is eligible only for the unorganised workers mostly engaged as home based workers, street vendors, landless labourers, own account workers, agricultural workers or other similar occupations with monthly income up to Rs 15,000/- and belonging to age group 18-40 years. They should not be covered under New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) scheme or Employees’ Provident Fund Organisation (EPFO). Also, he/she should not be an income tax payer.
Features of PMSYM
- Enrollment in PM-SYM scheme is a simple and easy process
- It is a voluntary and contributory pension scheme
- Each subscriber will be entitled to receive minimum assured pension of Rs 3000/- per month after attaining the age of 60 years
- It is a scheme on a 50:50 basis where prescribed age-specific contribution will be made by the beneficiary and the matching contribution by the Central Government.
Enrolment Process under PM-SYM:
The subscriber will be required to have a mobile phone, savings bank account and Aadhaar number. The eligible subscriber may visit the nearest Common Services Centres (CSC eGovernance Services India Limited (CSC SPV)) and get enrolled for PM-SYM using Aadhaar number and savings bank account/ Jan-Dhan account number on self-certification basis.
Later, facility will be provided where the subscriber can also visit the PM-SYM web portal or can download the mobile app and self-register using Aadhar number/ savings bank account/ Jan-Dhan account number on self-certification basis.
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. Contribution amount for the first month shall be paid in cash for which they will be provided with a receipt.
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