If you are planning to invest in any of the central government schemes, then you can opt for Pradhan Mantri Shram Yogi Maan-Dhan Yojana (PM- SYM).
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What is PM-SYM?
PM-SYM is a voluntary and contributory pension scheme for unorganized workers for entry age of 18 to 40 years with a monthly income of Rs 15000 or less.
Who can subscribe to this Scheme?
Any unorganized worker in the age group of 18-40 years, whose job is casual in nature , such as home based workers, street vendors, head loaders, brick kiln, cobblers, rag pickers, domestic workers, washer-men, Rickshaw Pullers, Rural landless labourers, own account workers, agricultural workers, construction workers, etc. with monthly income less than Rs 15,000 can subscribe for the scheme.
However, the worker should not be covered under any statutory social security schemes such as National Pension Scheme (NPS), Employees’ State Insurance Corporation scheme, Employees’ Provident Fund Organization Scheme and is not an income tax payee.
What is the benefit of this Scheme?
If any unorganised worker subscribes the scheme and has paid regular contribution up to the age of 60 years, he will get a minimum monthly pension of Rs 3000 (Rs 3000×12= Rs 36000 annually). After his/her death, spouse will receive a monthly family pension which is 50 percent of the pension.
What is the procedure for joining the scheme?
One can join the scheme by visiting the nearest Common Service Centre and get enrolled for PM-SYM using Aadhar number and savings bank account/Jan-Dhan account number on self-certification basis.
All the branch Offices of LIC, offices of EPFO/ESIC will also facilitate the subscribers about the scheme, its benefits and the procedure to be followed, for enrollment. They will also advise them on locating the nearest CSC.
How much contribution does one need to make?
The actual amount of the subscriber’s contribution will be determined at the entry age of the scheme. At median entry age of 29 years, a beneficiary is required to contribute Rs 100 per month.