Pradhan Mantri Shram Yogi Maan-Dhan Yojana launched

Why in news

• The Union Ministry of Labour and Employment on February 15, 2019 launched the Pradhan Mantri Shram Yogi Maan-dhan Yojana (PM-SYM), a mega pension scheme for unorganised sector.
• The scheme was announced in the Interim Budget 2019.
• Implemented from February 15 itself, the PM-SYM is a voluntary and contributory pension scheme that will engage as many as 42 crore workers in the unorganised sector.

Eligibility

• The unorganised sector workers, with income of less than Rs 15,000 per month and who belong to the entry age group of 18-40 years, will be eligible for the scheme.
• Those workers should not be covered under New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) scheme or Employees’ Provident Fund Organisation (EPFO).
• He or she should not be an income tax payer.
• Who are the workers of unorganised sector?
• The workers of unorganised sector can be home based workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, rickshaw pullers, landless labourers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio- visual workers and similar other occupations.

Benefits under Pradhan Mantri Shram Yogi Maan-dhan Yojana

• Minimum Assured Pension: Each subscriber under the scheme will receive minimum assured pension of Rs 3000 per month after attaining the age of 60 years.
• In case of death during receipt of pension: If the subscriber dies during the receipt of pension, his or her spouse will be entitled to receive 50 percent of the pension as family pension. This family pension is applicable only to spouse.
• In case of death before the age of 60 years: If a beneficiary has given regular contribution and dies before attaining the age of 60 years, his or her spouse will be entitled to continue the scheme subsequently by payment of regular contribution or may even exit the scheme

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Pic courtesy: Jagran Josh