PM-SYM Scheme: The month-to-month prescribed age-specific contribution by a employee becoming a member of the scheme on the age of 18
Anyone, within the age group of 18-40 years, working within the unorganized sector whose month-to-month revenue is lower than Rs 15000 is eligible for the pension scheme.
Prime Minister Shram Yogi Mandhan Yojana is a voluntary and contributory pension scheme, launched in 2019 aiming to profit the employees within the unorganized sector within the nation. The pension scheme by the Central authorities assures a month-to-month pension of at the least Rs 3,000 after attaining the age of 60. If the subscriber dies earlier than the age of 60, solely his or her partner will likely be entitled to obtain fifty per cent of the pension quantity.
The month-to-month prescribed age-specific contribution by a employee becoming a member of the scheme on the age of 18, will likely be Rs 55, with matching contributions from the federal government. The contributions by each the events will rise with age. Eligible beneficiaries can enroll for the scheme at their nearest widespread service centres (CSCs). A financial savings checking account or Jan Dhan account and an Aadhaar card is required to open the pension account. The service is on the market at greater than 3 lakh CSCs throughout the nation. At CSCs a singular ID quantity is issued to the beneficiary after profitable registration.
Eligibility
Anyone, within the age group of 18-40 years, working within the unorganized sector whose month-to-month revenue is lower than Rs 15000 is eligible for the pension scheme. The subscriber shouldn’t be paying an revenue tax or be lined by some other pension or monetary schemes of the federal government.
Exit provisions
Within a interval of lower than 10 years if a subscriber exits the scheme, then solely the beneficiary’s share of contribution will likely be returned to him/her with financial savings financial institution rate of interest. And if a subscriber exits after 10 years or extra however earlier than attaining the age of 60, then the share of contribution together with curiosity earned by the fund or on the financial savings financial institution rate of interest whichever is increased, will likely be returned to the beneficiary.
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