- who will get the benefit,
- from where to apply?
- all information
The Pradhan Mantri Shram Yogi Maan-dhan Yojana (PMSYM) is a social security scheme initiated by the Government of India for unorganized workers in the country. The scheme is aimed at providing a monthly pension to those workers who have crossed the age of 60 years.
The PMSYM is targeted towards workers who belong to the unorganized sector and have a monthly income of up to Rs. 15,000. The scheme was launched in February 2019 and is being implemented by the Ministry of Labour and Employment.
Under the PMSYM, the government contributes an equal amount as the subscriber towards the pension fund. For instance, if a worker contributes Rs. 100 towards the fund, the government will also contribute an equal amount. The minimum age for joining the scheme is 18 years, while the maximum age is 40 years.
To be eligible for the scheme, the applicant should not be a member of any other pension scheme such as the Employee Provident Fund (EPF), National Pension Scheme (NPS), or the Employees’ State Insurance Corporation (ESIC). Additionally, the applicant should not be an income taxpayer.
The PMSYM offers a monthly pension of Rs. 3,000 to those workers who have completed 60 years of age. The pension amount will be paid through the subscriber’s bank account or post office account.
To apply for the PMSYM, eligible workers can visit the Common Service Centres (CSCs) across the country. CSCs are internet-enabled access points that provide various government services to citizens in rural and remote areas. Applicants will be required to provide their Aadhaar number, bank account details, and other relevant information to complete the registration process.
Upon successful registration, the subscriber will be issued a PMSYM card with a unique pension account number. The subscriber can contribute to the pension fund on a monthly, quarterly, or half-yearly basis as per their convenience. The contributions can be made through auto-debit from the subscriber’s bank account or through the CSCs.
The PMSYM scheme has several benefits for workers in the unorganized sector. It provides a much-needed social security cover for those who do not have access to formal pension schemes. The scheme is also portable, which means that the subscriber can continue to contribute to the pension fund even if they move to a different location.
Furthermore, the PMSYM is a voluntary scheme, which means that workers can choose to opt-out of the scheme if they wish to do so. The scheme also allows subscribers to make premature withdrawals in case of any emergencies.
In conclusion, the Pradhan Mantri Shram Yogi Maan-dhan Yojana is a significant step towards providing social security cover for workers in the unorganized sector. The scheme offers a monthly pension to those who have crossed the age of 60 years and have a monthly income of up to Rs. 15,000. The scheme is easy to apply for and can be availed through the CSCs. Overall, the scheme provides much-needed financial security to those who have been left out of the formal pension system.
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How to take advantage of Pradhan Mantri Shramyogi Maandhan Yojana
Your age should be between 18 to 40 years at the time of account opening. Apart from this, the monthly income should be less than 15 thousand rupees. The biggest condition is that you should not be an income tax payer or taxpayer. The eligible person should not be covered under EPFO, NPS and ESIC. Also, to take advantage of this scheme, it is mandatory for the subscriber to have a mobile phone, Aadhaar number. It is mandatory for the eligible person to have a Savings Bank Account to take advantage of the scheme.
