Labor Day Special: Know about Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) for unorganized workers

Government of India has introduced a pension scheme for unorganised workers namely Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) to ensure old age protection for Unorganised Workers.

May 1 is Labor Day and this gallery informs you about the schemes introduced by the government for the workers.

The unorganised workers mostly engaged as home based workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, rickshaw pullers, landless labourers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio- visual workers and similar other occupations whose monthly income is Rs 15,000/ per month or less and belong to the entry age group of 18-40 years.

The government has kept the premium for the scheme very low, focusing on the low-income group. So that the maximum number of workers can benefit from the scheme. After participating in this scheme, after 60 years, the workers will get a pension of Rs. 3,000 per month.

Applicants for this scheme will need Aadhar card, savings or Jandhan account and mobile number. For this you have to apply at the Common Service Center. You can also get the information on the website of LIC and the Ministry of Labor.

The subscriber’s contributions to PM-SYM shall be made through ‘auto-debit’ facility from his/ her savings bank account/ Jan- Dhan account. The subscriber is required to contribute the prescribed contribution amount from the age of joining PM-SYM till the age of 60 years.

It is a voluntary and contributory pension scheme, under which the subscriber would receive the following benefits :Minimum Assured Pension, Family Pension:

If the beneficiary of the scheme dies during the pension period, 50 per cent pension will be given to his wife or husband. Beneficiaries cannot include children's names in the scheme.

In addition, any employee coming under the new Pension Scheme (NPS), Employees State Insurance Authority, Employees Provident Fund Scheme will not be able to avail the benefits of this scheme. Apart from that, there is a condition that the worker should not be an income tax payer.

You can register by visiting the office of LIC, Labor Office, CSC. The premium will be taken in cash in the first month after which your account will be opened. Under this you will get Shram Yogi Card. For more information call toll free no. 1800 267 6888