Delhi: The Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM), is a pension scheme rolled by the government in 2019 that allowed married couples to earn annual yearly pension of Rs72,000 by investing just Rs 200 per month. It is among the many pension schemes rolled out out by Modi government for the financial independence of unorganized sector.
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What is PM SYM?
This scheme is eligible for those fall in the age group of 18-40 years, have a monthly income of Rs 15,000 or less and are engaged in unorgansied working sector. This usually entails workers who are street vendors, washer men, agricultural workers, landless labourers, handloom workers, leather workers, mid-day meal workers, head loaded, brick-kiln workers, cobblers, domestic workers, rag pickers etc.
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Key features
Each subscriber of the PM-SYM scheme shall receive an assured pension of Rs 3000 per month after attaining the age of 60 years.
In case the subscriber dies during the receipt of the pension, the spouse will be entitled to get 50 per cent of the pension as family pension. This is only applicable to the spouse of the beneficiary.
Enrolling – Eligible subscribers may visit the nearest Common Services Centres (CSC eGovernance Services India Limited (CSC SPV)) and get enrolled for PM-SYM using Aadhaar number and savings bank account/ Jan-Dhan account number on self-certification basis. Later, facility will be provided where the subscriber can also visit the PM-SYM web portal or can download the mobile app and self-register using Aadhar number/ savings bank account/ Jan-Dhan account number on self-certification basis.
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Contribution by the Subscriber: The subscriber’s contributions to PM-SYM shall be made through ‘auto-debit’ facility from his/ her savings bank account/ Jan- Dhan account. The subscriber is required to contribute the prescribed contribution amount from the age of joining PM-SYM till the age of 60 years.
As beneficiaries of the PM-SYM scheme, a couple will have to individually make an investment of Rs 100 per month. This will gradually amount to Rs 1200 in a year. After reaching the age limit of 60 years, individual beneficiary who has subscribed will be eligible to receive a pension amount of Rs 36,000 and this for a married couple would be Rs 72,000.
