Pradhan Mantri Shram Yogi Maandhan (PMSYM) scheme, announced by the central government in recent budget 2019 will come into force from 15th February 2019. The pension scheme is aimed at providing minimum monthly pension of Rs 3,000 after the age of 60 years to workers in informal sector earning up to Rs 15,000 every month.
Subscription from 15 February 2019:
The subscription for PMSYM will open from 15th February 2019 across the country. The workers under the age of 40 years and earning up to Rs.15000 per month are eligible for this pension scheme.
The subscribers will get Rs.3000 per month after 60 years of age under this scheme. About 10 crore workers from informal sector will benefit out of this scheme. The Ministry of Labour and Employment has issued notification in this regard.
Who are eligible?
The workers working as home based workers, street vendors, head loaders, brick kiln workers, rag pickers, domestic workers, mid-day meal workers, cobblers, washer men, rickshaw pullers, landless labourers, agricultural workers, construction workers, among others are eligible for PMSYM pension scheme.
Age Criteria and Worker Contribution:
1) Age of the workers should be between 18 and 40 years. The contribution of the worker changes depending upon the age of the worker.
2) The worker with 18 years age have to contribute as low as Rs 55, whereas workers at the age of 29 years would pay Rs 100.
3) Workers in the upper age limit of 40 years will have to pay Rs 220 per month. The central government will contribute the same amount as the workers.
Bank Account and Aadaar:
Workers should have Bank account and aadhaar to avail this scheme. The workers who are covered under National Pension Scheme, the Employees’ State Insurance Corporation Scheme or Employees’ Provident Fund Scheme are not eligible for PMSYM scheme.
Nomination benefit:
PMSYM scheme also provides nomination facility for the subscribers. If a subscriber dies or disabled due to any reason, his / her spouse will contiue the scheme. They can also discontinue the scheme if they wish to do so. But children of the subscriber are not allowed to be nominees. In case of death of subscriber, his/ her spouse is eligible to get 50 per cent of the pension.