Pradhan Mantri Shram Yogi Maan-Dhan Pension Scheme | 06 Dec 2021

Why in News

According to the Ministry of Labour & Employment, nearly 46 lakh Unorganised Workers (UW) have been registered under the Pradhan Mantri Shram Yogi Maandhan (PM-SYM) pension scheme.

Unorganised Workers

UWs are mostly engaged as rickshaw pullers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, home-based workers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio- visual workers or in similar other occupations.
There are estimated 45 crore such unorganised workers in the country.

Key Points

About:
- PM-SYM is a Central Sector Scheme administered by the Ministry of Labour and Employment and implemented through Life Insurance Corporation of India and Community Service Centers (CSCs).
  - LIC (Life Insurance Corporation) is the Pension Fund Manager and responsible for Pension pay out.
Eligibility:
- Should be an Unorganised Worker (UW).
- Monthly Income Rs 15000 or below.
- Entry age between 18 and 40 years.
- Should possess a mobile phone, savings bank account and Aadhaar number.
- Should not be covered under New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) scheme or Employees’ Provident Fund Organisation (EPFO).
- Should not be an income tax payer.
Salient Features:
- Minimum Assured Pension:
  - Each subscriber shall receive a 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:
  - The subscriber’s contributions shall be made through ‘auto-debit’ facility from his/ her savings bank account/ Jan- Dhan account.
  - PM-SYM functions on a 50:50 basis where prescribed age-specific contribution shall be made by the beneficiary and the matching contribution by the Central Government.
Other Government Schemes for Unorganised Sector:

Source: PIB