PM Shram Yogi Maandhan Pension Scheme (PMSYM) Date Announced

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    The date to subscribe to the Pradhan Mantri Shram Yogi Maandhan (PMSYM) scheme has been announced. The special guaranteed minimum pension scheme for those working in the unorganised or informal sector in India will be open for registration starting 15 February 2019, said a notification from the Labour Ministry.

    PM Shram Yogi Maandhan Pension Scheme (PMSYM) Date Announced
     

    This scheme was announced by interim finance minister Piyush Goyal in the presentation of the National Budget for the financial year 2019-20 and its targeted at urorganised labourforce that work for a monthly income less than Rs 15,000. He said that it is expected to benefit 10 crore workers over the next 5 years.

    On a small contribution made towards the scheme throughout their working life, the scheme will provide an assured pension of Rs 3,000 on attaining the age of 60 years.

    In the notification issued by the Labour ministry, it said, "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 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. 

    Conditions and requirements of Pradhan Mantri Shram Yogi Maandhan (PMSYM) scheme:

    • Only those between the age of 18 to 40 can join the scheme.
    • The monthly contribution towards the scheme would be Rs 55 throughout the subscriber's working life with equal contribution from the government. The contribution will increase with 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.
    • A savings bank account and Aadhaar is required to sign up for the scheme.
    • The scheme is aimed to include those working or engaged as home-based workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washermen, rickshaw pullers, landless labourers, agricultural workers, construction workers, among others.
    • 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 not eligible. 
    • 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 the 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. 
    • In case of death of a pensioner, his or her spouse shall be only entitled to receive 50 percent of the pension.

    Inputs from PTI

    Read more about: pmsym pension
    Story first published: Saturday, February 9, 2019, 15:45 [IST]
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