Features of the PM-SYM Yojana
- In the first five years, the program will cover 10 crore workers in the unorganized sector, making it one of the largest pension programs in the world.
- If a subscriber exists after 5 years of regular contribution payments, his entire contribution will be refunded with interest equal to savings bank rates.
- If the subscriber exits the scheme after ten years, he or she will get both his or her contribution and accumulated interest.
- Even if the subscription has been stopped or delayed, the subscriber can activate the scheme by paying the outstanding fee with interest at a future stage.
- The entire corpus will be credited back to the fund following the demise of the subscriber as well as his or her spouses.
- It’s important to remember that the family pension only applies to spouses.
- There are no minimum educational requirements for participation in the Scheme.
- The Scheme does not provide a loan facility.
- It is carried out by Community Service Centers (CSCs) and Life Insurance Corporation of India (LIC), the pension fund management.
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.