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PM-SYM Scheme; an initiative to help the informal sector workers

Prime Minister Shram Yogi Mandhan Yojana gives at least Rs. 3000 as monthly pension to those above the age of 60. The scheme launched in the year 2019 is said to be helpful for a lot of informal sector workers.

A savings bank account or a Jan Dhan account and aadhar card are required to enroll in this scheme. The monthy contribution to be given by a worker joining the scheme at the age of 18 is Rs.55. This will rise in accordance with the age of the joinee.

The contribution at the time of joining should be paid in cash so that the person will get a receipt in return. CSCs also issue cards with unique ID numbers to all those who join the scheme. To be eligible for the scheme, a person should earn a minimum of Rs. 15,000 and should belong to the age group between 18-40 years.

The person should be strictly from an informal working sector. He/ She shouldn’t be a tax payer and should not be member in any other pension schemes like the EPF. If the registered person dies before turning 60, the spouse will benefit from the scheme.

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