Pradhan Mantri Shram Yogi Maandhan Yojana: Looking for financial security like government or private employees but in the unorganized sector? There is nothing to worry about going forward!
The Union Government has announced the Pradhan Mantri Shram Yogi Maandhan (PM SYM). Under the scheme, workers would be eligible for a guaranteed pension of Rs. 3000 every month after they have turned 60. This would help in bridging the gap between rich and poor retirees.
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The scheme would help millions of unorganized sector workers, including street vendors, small business owners, home-based workers, street vendors, agricultural labourers and construction labourers who don’t have access to NPS, EPF or other formal pension advantages.
About Pradhan Mantri Shram Yogi Maandhan (PM SYM) Scheme
The Pradhan Mantri Shram Yogi Maandhan (PM SYM) Scheme could be described as a contributory and voluntary pension program that has been designed specifically for workers in the unorganized sector. Workers under the scheme would be eligible for a monthly pension of Rs. 3000 after the age of 60 years. Interested individuals need to pay a nominal payment of Rs. 55 every month before you start receiving the monthly pension.
To be eligible, individuals must be earning a monthly income of Rs. 15,000 or less, must be between 18 and 40 years of age and should not be registered with ESIC, EPF or NPS.
Calculation Of Monthly Payment
The monthly payment would depend on the age of the participant. For instance, a 40-year-old would pay Rs. 200 a month while an 18-year-old would pay Rs. 55 every month. The Indian government would match the individual’s contribution. This would help unorganized sector workers save for a secure pension once they have retired at the age of 60.
Interested individuals could register at their nearest Common Service Centre (CSC) or visit the PM SYM website. The scheme is administered by the Ministry of Labour and Employment in collaboration with Life Insurance Corporation of India (LIC) and Common Service Centres e-Governance Services India Limited (CSC SPV) for seamless implementation.
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