Pension scheme for workers launched

  1. Prime Minister Modi has launched the Pradhan Mantri Shram Yogi Mandhan (PM-SYM) Yojana in Gandhinagar, Gujarat. The scheme was announced in the interim budget 2019.
  2. Under the scheme, an assured monthly pension of Rs. 3000 rupees per month will be provided to workers in the unorganised sector after 60 years of age.
  3. An unorganised sector worker whose monthly income is Rs 15,000/ per month or less and belong to the entry age group of 18-40 years are eligible for the scheme.
  4. To avail the scheme, workers have to contribute an amount ranging from ₹55 to ₹100 each month, depending on their age, at the time of joining the scheme. The contribution is to be made through ‘auto-debit’ facility from the beneficiary’s savings bank account or Jan- Dhan account. The Government will deposit equal matching share in the account of the worker every month.
  5. During the receipt of pension, if the beneficiary dies, the spouse of the beneficiary will be entitled to receive 50% of the pension received by the beneficiary as family pension. This family pension is applicable only to the spouse of the beneficiary. In case, the beneficiary dies before the age of 60, his/her spouse will be entitled to join and continue or exit/ withdraw from the scheme provided the beneficiary had given regular contribution