Pradhan Mantri Shram Yogi Maan-Dhan scheme is for old-age protection and social security of unorganised workers. These include mostly people who are engaged in jobs like rickshaw pullers, street vendors, mid-day meal workers, rag pickers, domestic workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audiovisual workers or in similar other occupations.
According to the Employees’ Provident Fund Organisation (EPFO), to be eligible for this scheme, conditions such as an individual should be an unorganised worker, entry age between 18 and 40 years and the monthly income must be Rs 15,000 or below.In order to avail of Pradhan Mantri Shram Yogi Maan-Dhan yojana’s benefits, an individual should not be engaged in organised sector i.e. a member of EPF, NPS or ESIC and an income taxpayer.
The subscriber must have an Aadhaar card and savings bank account or Jan Dhan account number with IFSC. The features of this scheme are subscribers will receive a minimum assured pension of Rs 3,000 on a monthly basis after attaining the age of 60 years. In case, subscriber dies, the spouse will be entitled to receive 50 per cent of the pension as a family pension.
For enrolment, the subscriber needs to visit the nearest Common Services Centre (CSC) and get enrolled for PM-SYM using Aadhaar card and savings bank account or Jan Dhan account number on a self-certification basis. For this, the first subscription must be paid in cash and auto-debit from the next month.
As per the contribution chart, if the entry age is 18 years then the contribution by the member will Rs 55 and the same contribution would from the central government, making the total contribution of Rs 110. Similarly, at 19 years, the combined contribution would be Rs 116, at 23 it would be Rs 144 at 30 years it would be Rs 210 and at 40 years, it would be Rs 400.
Considering the hardships and erratic nature of the employability of the workers from unorganised sector, the exit provisions have been kept flexible.
1. If the subscriber exits the scheme within a period of less than 10 years, the beneficiary’s share of contribution only will be returned to him with a savings bank interest rate.
2. If subscriber exits after a period of 10 years or more but before 60 years of age, the beneficiary’s share of contribution along with accumulated interest as actually earned by a fund or at the savings bank interest rate whichever is higher.
3. If a beneficiary has given regular contributions and died due to any cause, his/her spouse will be entitled to continue the scheme subsequently by payment of regular contribution or exit by receiving the beneficiary’s contribution along with accumulated interest as actually earned by a fund or at the savings bank interest rate whichever is higher…Read more>>