Pradhan Mantri Shram Yogi Maan Dhan (PM-SYM)

Quick facts 

• Purpose: To provide Social Security to unorganized sector employees.
• Type: Central Sector Scheme
• Nature: Operates as a voluntary and contributory pension scheme on a 50:50 basis
• Implementing Agency: LIC will be the Pension Fund Manager and responsible for Pension pay out.

Objective

• To ensure old age protection for Unorganized Workers.

Salient features           

Voluntary & Contributory: The beneficiary is required to make a specified age-specific contribution, and the Central Government will provide a corresponding matching contribution.  Minimum Assured Pension: Subscribers are guaranteed a minimum pension of Rs 3000/- per month upon reaching the age of 60. Family Pension: In the event of the subscriber's demise, the spouse is entitled to receive 50% of the pension as family pension. Family pension applies exclusively to the spouse.  Compatibility with Other Schemes:  Eligible individuals can join PM-SYM in addition to the Atal Pension Yojana (APY). Enrollment agency: All the Common Services Centres (CSC) in the country.  Regularization of Contributions: If a subscriber misses continuous contributions, they can regularize payments by settling all outstanding dues, including any applicable government-determined penalty charges. Conditions for enrolment:  Individual should possess Aadhar card as well as Savings Bank Account / Jan Dhan account number with IFSC.  Early Exit and Refund: Less than 10 Years: Only beneficiaries' share of the contribution along with the savings bank interest rate will be returned.  After 10 Years but before 60: If the subscriber exits before reaching 60 years of age, the beneficiary receives their share of contribution along with accumulated interest, either as earned by the fund or at the savings bank interest rate, whichever is higher. Permanent Disability before 60 Years: If the subscriber can't continue, the spouse can choose to continue by paying regular contributions or can exit the scheme. Exclusion:  The individual must not be enrolled in NPS, ESIC scheme, or EPFO, and should also not be a taxpayer.