PM-SYM Scheme: Save Rs 2 per day, get Rs 36,000 every year
The Government of India has implemented an ambitious scheme called Pradhan Mantri Shram Yogi Man-Dhan (PM-SYM) to extend pension facilities to these unorganized sector workers in their old age.
PM-SYM Scheme: Half of India’s total income is generated by the 42 crore workers in the unorganized sector. In our daily life street vendors, rickshaw pullers, construction workers, domestic workers, agricultural workers, garbage collectors, beedi workers, hadloom workers, leather workers. PM-SYM Scheme: Save Rs 2 per day, get Rs 36,000 every year.
Unorganized workers are found working in various occupations such as rag weavers and others. The Government of India has implemented an ambitious scheme called Pradhan Mantri Shram Yogi Man-Dhan (PM-SYM) to extend pension facilities to these unorganized sector workers in their old age.
Saving Rs 2 per day will get Rs 36000 per year:
Rs 55 per month to start this plan when you are 18 years old. That means, you should save around Rs 2 per day. A pension of Rs 36,000 per annum is available after you reach 60 years of age. If a person starts this scheme at the age of 40, he has to deposit Rs 200 monthly. After 60 years, you become eligible for pension. After 60 years, you can get Rs 3000 monthly. Or Rs 36,000 per annum.
Eligibility for joining the scheme:
Should be between 18 to 40 years.
Their monthly income should be Rs.15,000/ or less.
Should not be an Income Tax payer.
Should not be an organized sector worker and should not be covered under ESI/PF/NPS scheme.
Scheme Registration Procedures:
Eligible beneficiaries can register under the scheme at the nearest “Common Service Center (CSC)”. Details of CSCs from nearest LIC. Branches, Labor Department, Central Government Labor Department, E.S.I. Corporation, and Provident Fund Department and available on the official website of these departments.
Beneficiaries will proceed to the Common Service Centers with Aadhaar Card, Bank Account with IFSC code details (Bank Pass Book/Cheque Book/Bank Statement) and Mobile. Moving to payment of age wise initial gratuity in cash as mentioned in Annexure. After that the monthly withdrawal will be auto-debited from their account.
The central government pays a levy parallel to the levy paid by the subscribers.
On completion of 60 years the subscriber (beneficiary) is entitled to a fixed monthly pension of Rs.3,000/- per month.
After the commencement of pension, the subscriber is entitled to receive a pension of the wife/husband’s pension on the date of death.
Beneficiary has paid the pension continuously and if he/she dies before the age of 60, his/her spouse can still join the scheme and continue to pay the pension.
If the subscriber exits the scheme before 60 years (midway) he is entitled to withdraw only the premium paid with interest.
How is the registration process?
Beneficiary will proceed to Common Service Center (CSC) with necessary information.
CSC will register the beneficiary.
The age-based allowance is auto-calculated.
Paying the first installment through cash or wallet.
Online Shramyogi Pension Number will be issued after successful payment.
Acknowledgment and Debit Mandate will be generated for Beneficiary’s signature.
The CSC will scan and upload the signed debit mandate of the beneficiary.
CSC staff will print the Shramayogi card and give it to the beneficiary.
Beneficiary will be informed through SMS after confirmation from the bank.