Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM)

The Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) announced in the interim
budget 2019 has been notified by the Ministry of Labour and Employment. Features
of the PM-SYM 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. The salient features of the
PM-SYM are:

Each subscriber under the PM-SYM, shall receive minimum assured pension of
₹ 3000/- per month after attaining the age of 60 years, If the subscriber dies during the period of receipt of the pension, the spouse of the beneficiary shall be entitled to receive 50% of the pension received by the beneficiary
as a family pension, If the beneficiary had died due to any cause (before age of 60 years), his/her spouse
will be entitled to join and continue the scheme subsequently by payment of regular
contribution or exit the scheme as per provisions of exit and withdrawal, The subscriber must not be a taxpayer.
The scheme is expected to benefit as many as 42 crore workers are estimated to be engaged in the unorganized sector of the country whose monthly income is ₹ 15,000/per month or less and belong to the entry age group of 18-40 years who are not be coveredunder New Pension Scheme (NPS ), Employees ’ State Insurance Corporation (ESIC )
scheme or Employees’ Provident Fund Organisation (EPFO).

Enrollment process- The Unorganised Worker will be required to visit the nearest Common service centre (CSC) and get enrolled for PM-SYM using Aadaar card and Savings bank/Jan-Dhan account number on self-certification basis. First subscription to be paid in cash and auto debit from next month onwards. Later, facility will be provided where the UW 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.The enrolment will be carried out by all the CSC in the country. Customer Care number 1800-2676-888 (available 24*7).Web portal/app will also have the facility for registering the complaints.In case of any doubt on the scheme, clarification provided by the Joint Secretary & Director General (Labour Welfare) will be final.

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