Get Rs 3000 pension! Pradhan Mantri Shram Yogi Maan-Dhan (PMSYM) makes it possible; what you can get - explained

Modi government's new pension scheme - Pradhan Mantri Shram Yogi Maan-dhan (PMSYM) will be rolled out by the Ministry of Labour and Employment on Friday. Announced by Finance Minister Piyush Goyal in the interim Budget 2019, the scheme aims to benefit unorganised sector workers like home based workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, rickshaw pullers, landless labourers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio-visual workers and similar other occupations.

Any worker from the jobs mentioned above with a monthly income of Rs 15,000/ per month or less and age group of 18-40 years is eligible for the scheme. Each subscriber under the PMSYM, shall receive minimum assured pension of Rs 3000 per month after attaining the age of 60 years.

One of the attractive features of the scheme is that the government has kept the exit provisions of scheme flexible, considering the hardships and erratic nature of employability of these workers. Here is what they will get or may in lose in such cases:

1. If the subscriber decides to exit the scheme within 10 years, the beneficiary’s share of contribution only will be returned to him with savings bank interest rate.
 
2. If subscriber exits after a period of 10 years or more but before superannuation age i.e. 60 years of age, the beneficiary’s share of contribution along with accumulated interest as actually earned by fund or at the savings bank interest rate whichever is higher.

3. If the beneficiary has given regular contributions and died due to any cause, his/ her spouse will be entitled to continue the scheme subsequently. They will have to make regular contribution for the same. They will also have the option to exit by receiving the beneficiary’s contribution along with accumulated interest as actually earned by fund or at the savings bank interest rate whichever is higher.

4. If a beneficiary has given regular contributions and become permanently disabled due to any cause before the superannuation age, i.e. 60 years, and unable to continue to contribute under the scheme, his/ her spouse will be entitled to continue the scheme subsequently by payment of regular contribution or exit the scheme by receiving the beneficiary’s contribution with interest as actually earned by fund or at the savings bank interest rate whichever is higher.

5. After the death of subscriber as well as his/her spouse, the entire corpus will be credited back to the fund.

The contributions under this scheme should be made through ‘auto-debit’ facility from savings bank account/ Jan- Dhan account. The government will make a matching contribution on behalf of the subscribers. To enrol for the scheme, the subscribers need to have a mobile phone, savings bank account and Aadhaar number.