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

  • 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.
Shares: