To date, more than 32 lakh people have registered for Prime Minister Shram Yogi Mandhan Yojana (PM-SYM). This pension scheme Launched in February which aims to serve informal sector workers. It ensures a monthly pension of at least ₹3,000 after turn 60.
People working in the informal sector with monthly income 15K or less and between the age group of 18-40 years are eligible to register for the scheme. The subscriber should not be paying any income tax or should not covered under any other schemes like the National Pension Scheme, the Employees’ State Insurance Corp scheme, or the Employees’ Provident Fund scheme.
PM-SYM is a voluntary and contributory pension scheme on a 50:50 basis where designated age-specific participation shall be made by the beneficiary and a matching contribution by the central government.
Each subscriber under this scheme will receive a certain minimum amount of ₹3,000 per month after accomplishing the age of 60. If the subscriber dies before the age of 60, his or her spouse will get a chance to continue the scheme.
How to enroll-
Eligible subscribers can register by visiting their nearby common service centers (CSCs). Savings bank account or Jan Dhan account and an Aadhaar card is needed to open this pension account. Enrollment services are provided at more than 3 lakh CSCs across the country.
a) If a subscriber exits the scheme within less than 10 years, the beneficiary’s share of contribution only will be returned to him with a savings bank interest rate.
b) If a subscriber exits after 10 years or more but before turning 60, the beneficiary’s share of contribution along with accumulated interest as earned by the fund or at the savings bank interest rate whichever is higher, will be returned.
How does it work?
The monthly contribution by a worker joining the scheme at the age of 18, will be ₹55, with matching contributions from the government. The contributions will rise to a higher age.
The contribution amount for the first month shall be paid in cash for which subscribers will be provided with a receipt.
CSCs also issue cards having unique ID numbers to all those who register for the scheme.