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

Launched: 6 February 2019

Objective: Pradhan Mantri Shram Yogi Maan-dhan which was announced in the Interim Budget-2019 will be implemented from February 15, 2019 by the Ministry of Labour and Employment PM-SYM is a Central Sector Scheme https://himexam.com/wp-content/uploads/2021/12/Madhya-Pradesh-MP-PEB-Group-2-Sub-Group-4-Various-Post-Answer-Key-2021.jpgistered by the Ministry of Labour and Employment and implemented through Life Insurance Corporation of India and Community Saliei Service Centers (CSCS). LIC will be the Pension Fund Manager and responsible for Pension pay out. This scheme seeks to benefit around 42 crore workers from the unorganized sector of the country.

Salient Features of (PM-SYM)

The primary objective of the scheme is to offer financial security to the people with no economic backup facilities.
Under this scheme, people working in the unorganized will be able to open their pension accounts and deposit money on a regular basis.
Once the scheme matures, the person will be entitled to attain a monthly pension of Rs. 3000 without fail. It will help the pension holders to meet the financial requirements without any issues.
The scheme highlights that the interested candidates will have to deposit a certain amount in the pension account. Applicants, who join the scheme at the age of 18 years, will have to make monthly contributions of Rs. 55 till they attain the age of 60 years.
Along with the amount given by the worker in the pension chart, an equal amount will be contributed by the central government. The pension amount will be given after they reach the age of 60.
The central government estimate suggests that the successful implementation of this mega pension scheme will offer financial support to around 10 crore individuals, who earn their livelihood from the unorganized sector.
The scheme highlights that any interested applicant, who has attained the age of 18 years will be able to deposit money in the scheme till 40 years.
Once the applicants reaches the age of 60 years; he/ she will be able to reap the benefits of the scheme. Each month, a fixed pension amount will be deposited in the pension account of the individuals.
The minister also highlighted that the central government has already set aside a mammoth amount of Rs. 500 crores for the implementation of this scheme.