Launched in 2019, Prime Minister Shram Yogi Mandhan Yojana (PM-SYM), provides at the very least Rs 3,000 as a monthly pension after attaining the age of 60. This scheme offers advantages to casual sector staff.
To enroll for this, a financial savings checking account or Jan Dhan account and an Aadhaar card are wanted and the monthly contribution by a employee becoming a member of the scheme on the age of 18 is Rs 55, with matching contributions from the federal government.Â
The contributions will rise with greater age. The contribution quantity for the primary month shall be paid in money for which subscribers will probably be supplied with a receipt. CSCs additionally difficulty playing cards having distinctive ID numbers to all those that register for the scheme.
To be eligible for this pension scheme, a individual ought to be incomes Rs 15,000 a month or much less and belongs to the age group of 18-40 years within the casual sector is eligible to enroll for the scheme. The subscriber shouldn’t be paying an revenue tax or be coated by another schemes just like the National Pension Scheme, the Employees’ State Insurance Corp scheme, or the Employees’ Provident Fund scheme.
In phrases of options, every subscriber below this scheme will obtain a minimal assured-pension of Rs 3,000 per thirty days as soon as they flip 60. If the subscriber dies earlier than the age of 60, his or her partner will get a probability to proceed the scheme.Â
