Launched in 2019, Prime Minister Shram Yogi Mandhan Yojana (PM-SYM), gives at least Rs 3,000 as a monthly pension after attaining the age of 60. This scheme provides benefits to informal sector workers.
To enroll for this, a savings bank account or Jan Dhan account and an Aadhaar card are needed and the monthly contribution by a worker joining the scheme at the age of 18 is Rs 55, with matching contributions from the government.
The contributions will rise with higher age. The contribution amount for the first month shall be paid in cash for which subscribers will be provided with a receipt. CSCs also issue cards having unique ID numbers to all those who register for the scheme.
To be eligible for this pension scheme, a person should be earning Rs 15,000 a month or less and belongs to the age group of 18-40 years in the informal sector is eligible to enroll for the scheme. The subscriber should not be paying an income tax or be covered by any other schemes like the National Pension Scheme, the Employees' State Insurance Corp scheme, or the Employees' Provident Fund scheme.
In terms of features, each subscriber under this scheme will receive a minimum assured-pension of Rs 3,000 per month once they turn 60. If the subscriber dies before the age of 60, his or her spouse will get a chance to continue the scheme.
