Context
Recently, the Prime Minister of India praised the Pradhan Mantri Shram Yogi Maandhan Yojana, emphasizing that it is the first time since independence that such a scheme has been launched for the millions of workers in the informal sector.
Key features of PM-SYM
- Launched date: PM-SYM was introduced in the Interim Budget 2019.
- Coverage: Unorganized sector
- Minimum Assured Pension: ₹3,000 per month after 60 years of age.
- Government Contribution: The Government of India matches the worker’s contribution on a 1:1 basis.
- Voluntary and Contributory: The scheme is voluntary, allowing workers to contribute based on their affordability and requirement.
- Family Pension: If the beneficiary passes away, the spouse receives 50% of the pension amount as a family pension. Family pension is applicable only to spouse.
- Exit Provisions: Participants can exit the scheme under specified conditions.
- Easy Enrolment: Eligible workers can register at Common Service Centres (CSCs) or through the Maandhan portal.
- Fund Management: The scheme is administered by LIC, ensuring financial stability and credibility.
Eligibility
- Age Requirement: 18 to 40 years.
- Income Limit: Monthly income should be ₹15,000 or less.
- Exclusion Criteria:
- Should not be covered under the Employees’ Provident Fund (EPF), Employees’ State Insurance Corporation (ESIC), or National Pension Scheme (NPS).
- Should not be an income taxpayer.
- Should not be receiving benefits from any other government pension scheme.