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Home Economy

Pradhan Mantri Shram Yogi Maandhan

June 5, 2020
in Economy
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Why it is in the news?

  • The Interim Budget 2019 announced Pradhan Mantri Shram Yogi Maandhan (PMSYM)

Ministry: Ministry of Labour and Employment.

What is it?

  • It is a pension scheme for the unorganised sector workers with monthly income of up to Rs 15,000.
  • It promises to provide an assured pension of Rs 3,000 per month from the age of 60 years, in return for making a monthly contribution of a nominal sum during the working age.
  • The scheme will cover 10 crore workers in the unorganised sector in the first 5 years, making it one of the largest pension schemes in the world.

Features –

  • Each subscriber 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 spouses.
  • 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.
  • Contribution by the Subscriber – The subscriber‘s contributions to PM-SYM shall be made through auto- debit facility from his/ her savings bank account/ Jan- Dhan account.
  • The subscriber is required to contribute the prescribed contribution amount from the age of joining PM-SYM till the age of 60 years

 

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Tags: Prelims

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