Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM)

About Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM)

1. About: The Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) is a Central Sector Scheme announced in the Interim Budget of 2019.

2. Aim: It aims to provide social security to unorganized workers and is implemented by the Ministry of Labour and Employment starting from February 15, 2019.

3. Implementation by: Ministry of Labour and Employment through Life Insurance Corporation of India (LIC) and Community Service Centers (CSCs). LIC is responsible for managing the pension fund and pension payouts.

4. Beneficiaries: The scheme targets approximately 42 crore workers in the unorganized sector.

5. Salient Features

1. Minimum Assured Pension: Each subscriber will receive a minimum assured pension of Rs 3000 per month after reaching the age of 60 years. Age-specific contribution shall be made by the beneficiary.

2. Family Pension: 

i) If the subscriber dies while receiving the pension, the spouse will receive 50% of the pension as family pension. This is applicable only to the spouse.

ii) If a beneficiary dies before the age of 60 after making regular contributions, the spouse can continue the scheme by making regular contributions or exit as per the scheme’s provisions.

3. Contributions are made through an ‘auto-debit’ facility from the subscriber’s savings bank account or Jan-Dhan account. The scheme operates on a 50:50 basis, where the beneficiary makes an age-specific contribution and the Central Government makes a matching contribution.

UPSC Syllabus: Schemes and programmes