Pradhan Mantri Shram Yogi Maandhan (PM-SYM) is the government scheme meant for old age protection and social security for unorganised workers.
It is a government scheme designed to safeguard the elderly and provide social security to unorganised employees. Under this initiative, the government would directly transfer ₹3000 from the beneficiaries’ savings or Jan Dhan accounts via the auto-debit feature.
Unorganised Workers are primarily employed as home-based workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washermen, rickshaw puller’s, landless labourers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio-visual workers, a workers in related occupations.
This scheme is managed by Ministry of Labour and Employment and is delivered by Life Insurance Corporation of India and CSC eGovernance Services India Limited.
This scheme is a voluntar contributory pension scheme under which the beneficiary receives the minimum assured pension of ₹3000 per month after reaching the age of 60.
If the beneficiary dies, the recipient’s spouse is entitled to 50% of the pension as a family bench. Only spouses are eligible for a family pension.
Applicants between the ages of 18 and 40 will be required to make monthly contributions ranging from Rs 55 to ₹200 per month until they reached the age of 60.
The worker should not be covered by any statutory social security plans such as the National Pension Scheme, the Employees’ State Insurance Corporation scheme, the Employees’ Provident Fund Organization, and he or she should not be a tax payer.
This pension scheme has approximately 46 lakh unorganised workers registered, according to the Ministry of Labour and Employment.
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