PM-Shram Yogi Maandhan Yojana(PM-SYM) Pension for Poor People

PM-Shram Yogi Maandhan Yojana is a Central Government Scheme which will give old age protection and physical and mental security to Unorganised Workers. There is no pension in the unorganised sector because there are no criteria for work. So the PM-SYM is a good effort of the Government of India.

This Scheme comes under the Ministry of Labour & Employment. Life insurance Corporation of India (LIC) and the community service centre (CSC) have implemented this scheme.

Overview

About Scheme (PM-SYM)

There are approximately 42 crores of unorganised workers in India according to the official website. We can understand this scheme as follows:-

1. PM-Shram Yogi Maandhan Yojana is a voluntary and contributory pension scheme.
2. Monthly contribution range from rupees 55 to rupees 200 depending upon the entry age of the beneficiary.
3. Under PM Sharm Yogi Maandhan Yojana 50% monthly contribution is payable by the beneficiary and an equal amount of contribution is paid by the central government of India.

Eligibility

• He should be an Indian citizen.
• He engaged in an unorganised sector.
• Age group 18-40 years are eligible.
• Unorganised Workers whose income is not more than Rs 15000/- per month and he is not a member of EPFO/ESIC/NPS(Government funded).
• He should not an income tax player

who Are unorganised Workers

They work as street vendors, home-based workers, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers domestic workers, washermen, rickshaw pullers, landless labours, own account workers, agriculture workers, construction workers beeding workers and loom workers, leather workers, audiovisual workers, repairing, maintenance or workers in similar other occupation.

Document Required

• Aadhar card
• Saving Bank Account/ Jan Dhan account number with IFSC
• Aadhar linked active mobile number
• E-SHARM UAN
• Note:- If a worker does not have Aadhar link mobile number he or she can visit the nearest CSC and register through biometric authentication.

Benefits in PM-SYM

• After avail, the age of 60 years beneficiaries are entitled to receive a minimum assured pension of rupees 3000/- per month.
• In that scheme, on the death of the beneficiaries spouse is eligible for a 50% monthly pension.
• In PM-SYM Scheme if the husband and wife both join the scheme they are eligible for rupees 6000/- per month pension jointly.

In The case when the beneficiary becomes disabled

When an eligible beneficiary has given regular contribution and became permanently disabled due to any accident before attaining the age of 60 years and he is unable to contribute to the scheme:-

• In that condition, his spouse shall be entitled to continue with the schemes subsequently by the payment of regular contributions as applicable.
• And the second option is to exit the scheme by receiving the share of contribution deposit by such beneficiary with interest as actually earned their own by the Pension fund or the interest at the saving bank interest rate there on, whichever is higher

Some other things

1. If the beneficiary exits this scheme within a period of less than 10 years from the date of joining the same by him then the share of contribution by him only will be written to him with saving bank rate of interest payable.
2. If the beneficiary exit after completion of a period of 10 years or more from the date of joining the scheme by him but before his age of 60 years and his share of contribution only shall be written to him along with accumulated interest their own as actually earn by the Pension fund over the interest at the saving bank interest rate thereon, whatever is higher.

How to beneficiary apply for this scheme

BENEFICIARIES can apply in two following ways:-

1. self Enrollment

• first, go to official website http://Maandhan.in
• And then click on sign in
• Then a dialogue box opens

• And click on self Enrollment
• Then enter your mobile number, name and Email address
• And generate OTP and then click on enrollment and fill in your all information and click on submit and enrolled yourself.
• A unique Sharm Yogi pension Account will be generated and a Sharm Yogi card will be printed.

by visiting near community service centre

• Eligible candidates shall visit the nearest Community Service Centre.
• Following are the prerequisites for the enrollment process:
  • Aadhar card
  • Saving/ Jan Dhan Bank Account details along with IFSC code
• An initial contribution amount in cash will be made to the village-level entrepreneur.
• The village-level entrepreneur will key in the Aadhar number name of the beneficiary and date of birth as printed on Aadhar card for authentication.
• The village-level entrepreneur completes the online registration by filling up the detail like bank Account detail, mobile number, Email address spouse (if any) and nominee details will be captured.
• Self-certification for eligibility conditions will be done.
• The system will auto-calculate monthly contributions payable according to the age of the beneficiary.
• The beneficiary will pay the first subscription amount in cash to the village-level entrepreneur.
• Enrollment comes auto debit mandate form that will be printed and will be further signed by the beneficiary. A village-level entrepreneur will scan the same and upload it into the system.
• A unique Yogi pension Account Number will be generated and Shram Yogi card will be printed.

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