Guest
Welcome, Guest

Login/Register

Bookmark Bookmark

Pradhan Mantri Shram Yogi Maan-Dhan (PM- SYM) came into effect

Pradhan Mantri Shram Yogi Maan-Dhan (PM- SYM) came into effect

Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) is being rolled out by the Ministry of Labour and Employment from February 15, 2019.

The scheme announced in the Interim Budget was notified by the Ministry recently. As many as 42 crore workers are estimated to be engaged in the unorganized sector of the country.

Eligibility: 

The unorganised workers whose monthly income is Rs 15,000/ per month or less and belong to the entry age group of 18-40 years are eligible for the scheme.

They should not be covered under New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) scheme or Employees’ Provident Fund Organisation (EPFO). Further, he/she should not be an income tax payer.

Salient Features

  1. Minimum Assured Pension: Each subscriber under the PM-SYM, shall receive minimum assured pension of Rs 3000/- per month after attaining the age of 60 years.
  2. 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 spouse.

PM-SYM is a voluntary and contributory pension scheme on a 50:50 basis where prescribed age-specific contribution shall be made by the beneficiary and the matching contribution by the Central Government. For example, if you want to get pension of Rs. 3000 when you achieve the age of 60; you will contribute Rs. 100 and government will also add Rs. 100 on a monthly basis.

You might be interested:

Expert Committee on Determining Methodology for Fixing National Minimum Wage submits report

Expert Committee on Determining Methodology for Fixing National Minimum Wage submits report A government-appointed expert committee has proposed doubling the national-level minimum wage for a worker i ...

10 months ago

India’s First Semi High Speed Train, “Vande Bharat Express" flagged off

India’s First Semi High Speed Train, “Vande Bharat Express" flagged off India’s first semi-high speed train the Vande Bharat Express was flagged off by Prime Minister Narendra Modi ...

10 months ago

Banking Digest, 15 February 2019

National The continuation of sub-schemes under “Umbrella programme for development of Scheduled Tribes” was approved till – 31 March 2020.  The ‘Registration of ...

10 months ago

One Liners of the Day, 15 February 2019

National The continuation of sub-schemes under “Umbrella programme for development of Scheduled Tribes” was approved till – 31 March 2020.  The ‘Registration of Marr ...

10 months ago

Daily News Digest:14 February 2019

Cabinet approves continuation of Centre's tribal welfare schemesCabinet Committee on Economic Affairs (CCEA) has approved the continuation of sub-schemes under Umbrella programme for the development o ...

10 months ago

Vocab Express- 660

Vocab Express- 660 Dear Aspirants, To enhance your vocabulary here are 5 new words. Use these words to improve Written and Spoken English skills. In case you have missed out on our previous Voca ...

10 months ago

Provide your feedback on this article: