The Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) scheme, initiated by the Government of India in 2019, aims to provide old age pension to unorganized sector workers. As per the Unorganised Workers’ Social Security Act, 2008, the scheme offers social security benefits, including life and disability cover, health protection, and old age pension, to workers in the unorganized sector, such as vendors, street-side workers, and agricultural laborers.
The PM-SYM scheme operates on a co-contributory basis, where both the beneficiary and the Central Government make monthly contributions.
Benefits of the Scheme
1. Old Age Pension: Upon reaching the age of 60, eligible workers receive a monthly pension of Rs. 3000, providing financial security during their retirement years.
2. Family Pension: In case of the subscriber’s demise, their spouse is entitled to receive 50% of the pension amount as family pension, ensuring continued support for the family.
3. Flexible Contribution: Workers in the age group of 18-40 years, earning a monthly income of Rs. 15,000 or less, can join the scheme. Contributions are made through auto-debit from the beneficiary’s savings bank account.
4. Central Government Matching Contribution: The government matches the beneficiary’s contribution, ensuring adequate funds for pension payouts.
5. Easy Enrollment: Workers can register for the scheme online through the PM-SYM web portal or by visiting Common Service Centers (CSCs) across the country, making the enrollment process accessible and convenient.
6. Flexible Exit Provisions: The scheme offers flexible exit options, allowing subscribers to withdraw their contributions under various circumstances, such as permanent disability or reaching the superannuation age.
Data Insights
– The PM-SYM scheme was launched in 2019 to provide old age pension to unorganized sector workers.
– Eligible workers aged 18-40 years, earning Rs. 15,000 or less per month, can enroll in the scheme.
– As of now, no registered worker under the scheme has reached the age of 60 to receive pension benefits.
The PM-SYM scheme stands as a significant step towards ensuring social security for workers in the unorganized sector, offering them a dignified livelihood during their old age. With its easy enrollment process and flexible contribution options, the scheme aims to provide financial stability to millions of workers across India.
