(The Gist of PIB) Pradhan Mantri Shram Yogi Maan-Dhan (PM- SYM) [FEBRUARY-2019]

Pradhan Mantri Shram Yogi Maan-Dhan (PM- SYM)

• Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) will be rolled out by the Ministry of Labour and Employment tomorrow i.e. 15.02.2019.
• The scheme announced in the Interim Budget was notified by the Ministry recently. As many as 42 crore workers are estimated to be engaged in the unorganized sector of the country.

Key highlights

• The unorganised workers whose monthly income is Rs 15,000/ per month or less and belong to the entry age group of 18-40 years are eligible for the scheme.
• They should not be covered under New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) scheme or Employees’ Provident Fund Organisation (EPFO). Further, he/she should not be an income tax payer.

Following are the salient Features of PM-SYM:

• Minimum Assured Pension: Each subscriber under the PM-SYM, shall receive minimum assured pension of Rs 3000/- per month after attaining the age of 60 years.
• Family Pension: During the receipt of pension, if the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension received by the beneficiary as family pension. Family pension is applicable only to spouse.
• If a beneficiary has given regular contribution and died due to any cause (before age of 60 years), his/her spouse will be entitled to join and continue the scheme subsequently by payment of regular contribution or exit the scheme as per provisions of exit and withdrawal.

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Courtesy: PIB