Pradhan Mantri Shram Yogi Mandhan Yojana: Invest Rs 55 a month and get Rs 3,000 as monthly pension

With an aim to provide financial security to the people working in the unorganized sector, there is a government scheme called 'Pradhan Mantri Shram yogi Mandhan yojana (PM-SYM)'.

The central government offers regular pension to the people who work in unorganized after they attain a certain age.

This scheme provides a minimum assured pension of Rs 3,000 to the workers from the unorganized sector. People within the age group of 18 to 40 years can apply for this scheme.

Workers would require Aadhaar card and savings bank account while applying for this scheme. If the subscriber enters the scheme at an age of 18 years, he or she will have to make a monthly contribution of Rs 55 to get Rs 3,000 as a monthly pension at retirement.

It is a voluntary and contributory pension scheme. During the receipt of a pension, if the subscriber dies, the spouse of the beneficiary will be entitled to receive 50 per cent of the pension received by the beneficiary as a family pension. It may be noted that the family pension is applicable only to the spouse.

If a beneficiary has given a regular contribution and died due to any cause i.e. before age of 60 years, his/her spouse will be entitled to join and continue the scheme subsequently by payment of regular contribution or exit the scheme as per provisions of exit and withdrawal.

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

In this scheme, along with the beneficiary contribution, an equal amount is contributed by the central government.

For instance, if the beneficiary enters the scheme at an age of 20 years, he or she is required to contribute Rs 61 per month till the age of 60 years an equal amount of Rs 61 will be contributed by the Central Government.

So, the total contribution per person in a month will be Rs 122. In case, a subscriber fails to contribute continuously, he or she can regularize his or her contribution by paying entire outstanding dues along with the penalty charges, if applicable, decided by the Government.