About 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.

Eligibility

• 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.

Salient Feature of PM-SYM

• 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.

Why in News?

• The Ministry of Labour and Employment conducted an awareness programme about the Pradhan Mantri Shram Yogi Maan-dhan pension scheme.

Reference:

1. https://pib.gov.in/PressReleasePage.aspx?PRID=1777392