Pradhan Mantri Shram Yogi Maan-dhan

It is a Central Sector pension scheme to ensure old age protection for Unorganised Workers. It was launched in 2019.
It is administered by the Ministry of Labour and Employment and implemented through Life Insurance Corporation of India (LIC) and Common Service Centres (CSCs).
LIC will be the Pension Fund Manager and responsible for Pension pay out.

The Unorganised workers whose monthly income is Rs 15,000/ per month or less and belong to the entry age group of 18-40 years are eligible for the scheme.
They should not be covered under New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) scheme or Employees’ Provident Fund Organisation (EPFO).
He/she should not be an income tax payer.

Matching contribution by the Central Government: PM-SYM is a voluntary and contributory pension scheme on a 50:50 basis where prescribed age-specific contribution shall be made by the beneficiary and the matching contribution by the Central Government.
Minimum Assured Pension: Each subscriber under the PM-SYM, shall receive a minimum assured pension of Rs 3000/- per month after attaining the age of 60 years.
Family Pension: During the receipt of pension, if the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension received by the beneficiary as family pension. Family pension is applicable only to the spouse.

The Ministry of Labour and Employment conducted a nationwide review of the Pradhan Mantri Shram Yogi Maan-dhan programme.

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