Eligibility of the PM-SYM Yojana
To be eligible for the Pradhan Mantri Shram Yogi Maan Dhan, the applicant must meet the following criteria:
- He or she must be an unorganized worker (UW) between the ages of 18 and 40.
- He or she must have a monthly salary of Rs. 15,000 or less.
- He or she must have an Aadhaar card as well as a Savings Bank Account/Jan Dhan account number with an IFSC.
- Individuals who work in the Organized Sector (membership in EPF/NPS/ESIC) and are income taxpayers are ineligible to apply for the PM-SYM Scheme.
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.