PM Shram Yogi Maandhan Subscription: Join PMSYM Pension Scheme; Benefits, dates, eligibility, other details here
PMSYM Scheme: All unorganised sector workers up to 40 years of age can subscribe to the Pradhan Mantri Shram Yogi Maandhan (PMSYM) scheme
PMSYM Scheme: All unorganised sector workers up to 40 years of age can subscribe to the Pradhan Mantri Shram Yogi Maandhan (PMSYM) scheme, which entails a minimum monthly pension of Rs 3,000, from February 15, a Labour Ministry notification said. The scheme, announced by Finance Minister Piyush Goyal in the Budget for 2019-20, is targeted at unorganised sector workers with monthly income of up to Rs 15,000. Goyal had said it would benefit 10 crore workers in the next five years. The scheme would provide them an assured pension of Rs 3,000 from the age of 60 years on a monthly contribution of a small amount during their working life. "This Scheme may be called the Pradhan Mantri Shram Yogi Maandhan, 2019. It shall come into force on the 15th day of February, 2019....The unorganised workers have option to become the members of the Scheme, on and from the 15th day of February, 2019," the notification issued by the Labour Ministry said.
The monthly contribution by the worker joining the scheme would be Rs 55, with matching contributions from the government. The contributions would rise at higher age. The worker joining the scheme at the age of 40 years would contribute Rs 200, while workers at the age of 29 years would pay Rs 100.
The scheme will cover unorganised workers who are working or engaged as 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, agricultural workers, construction workers, among others.
However, informal workers will not be eligible for the scheme if they are covered under the National Pension Scheme, the Employees' State Insurance Corporation Scheme or Employees' Provident Fund Scheme. Workers who are income-tax assessees are also not be eligible.
The unorganised sector worker who wishes to join the scheme shall be not less than 18 years of age and not exceeding 40 years, the notification said. The worker should also have a savings bank account in his/her name and an Aadhaar number.
The scheme has been brought under the Unorganised Workers' Social Security Act, 2008. The Central government will establish a pension fund to be administered for this scheme. The scheme also provides that if a subscriber has given regular contributions and died due to any cause, his spouse shall be entitled to continue with the scheme subsequently by payment of regular contribution.
The spouse can also exit the scheme by receiving the share of contribution paid by deceased subscriber along with accumulated interest.
In case of permanent disablement of a subscriber, his or her spouse will be entitled to continue with the scheme or exit by receiving the share of contribution, with interest.
Watch this Zee Business News
उत्तर प्रदेश और उत्तराखंड में ज़हरीली शराब पीने से 77 लोगों की गई जान, योगी सरकार ने
एक्शन लेते हुए एसटीएफ की 8 टीमें बनाई | @ShaliniKTiwari pic.twitter.com/RCUm8vq0Gr— Zee Business (@ZeeBusiness) February 9, 2019
In case of death of a pensioner, his or her spouse shall be only entitled to receive 50 per cent of the pension.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
01:53 PM IST