Prime Minister Narendra Modi on 05 March 2019, launched the Pradhan Mantri Shram Yogi Maan-dhan Yojana (PM-SYM), a mega pension scheme for unorganized sector, from Gandhinagar, Gujarat. The scheme was announced in the Interim Budget 2019.
The PM-SYM is a voluntary and contributory pension scheme that will benefit as many as 10 crore workers in the unorganized sector. It will provide a monthly pension of Rs 3000 to the employees of the unorganized sector after 60 years of age.
1. The unorganized sector workers, with income of less than Rs 15,000 per month and who belong to the entry age group of 18-40 years, will be eligible for the scheme.
2. Those workers should not be covered under the New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) scheme or Employees’ Provident Fund Organisation (EPFO).
3. He or she should not be an income taxpayer.
Each subscriber under the scheme will receive a minimum assured pension of Rs 3000 per month after attaining the age of 60 years. In case of death during receipt of pension: If the subscriber dies during the receipt of the pension, his or her spouse will be entitled to receive 50 percent of the pension as the family pension. This family pension is applicable only to the spouse.
In case of death before the age of 60 years: If a beneficiary has given a regular contribution and dies before attaining the age of 60 years, his or her spouse will be entitled to continue the scheme subsequently by payment of regular contribution or may even exit the scheme.