Advantages of the PM-SYM Yojana
- If the beneficiary dies while receiving the pension, the spouse is entitled to half of the beneficiary’s income as a family pension.
- If a beneficiary has made regular contributions and died as a result of any reason (before the age of 60), his or her spouse is allowed to join and continue the scheme subsequently by making regular contributions or quitting the scheme as per the exit and withdrawal requirements.
- They are given an assured monthly income, with each beneficiary receiving a minimum assured pension of Rs 3000/- per month after reaching the age of 60.
Pradhan Mantri Shram Yogi Maan-Dhan Yojana
In February 2019, Prime Minister Narendra Modi launched Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) under the Ministry of Labour and Employment. It was launched in Vastral, Gujarat. The largest pension scheme in the world is PM-SYM. Pradhan Mantri Shram Yogi Maan-Dhan is a central sector initiative to protect the aged and provide social security to unorganized workers (UW). This initiative aims to help around 42 crore workers in the unorganized sector of the country.
The initiative is aimed to help workers in the unorganized sector, such as street vendors, rickshaw pullers, agricultural laborers, mid-day meal workers, construction workers, and others. After attaining the age of 60, the beneficiary would be entitled to an assured monthly pension of Rs 3000/- per month, After the beneficiary’s death, half of the pension is paid to the beneficiary’s spouse as a family pension.