Every working individual is obligated to a pension that helps maintain living standards and manage immediate expenses after retirement. However, this facility is restricted to organised sectors.
The Indian Government launched the Pradhan Mantri Shram Yogi Maandhan Yojana or PM SYM scheme to remove this concern.
This scheme takes care of the social security and financial protection of unorganised workers in their old age. Keep reading to learn more about this scheme and its application procedure.
PM SYM came into effect to financially support individuals working in the unorganised sector in their old age.
This group includes leather domestic workers, rickshaw pullers, washermen, workers, cobblers, kiln workers, mid-day meal workers, street vendors, etc.
Individuals should know that the Ministry of Labour and Employment manages the scheme. However, the implementation will take place through the Life Insurance Corporation and Common Services Centres of India.
Ideally, this is a contributory and charitable pension Yojana, which allows beneficiaries to receive a confirmed pension worth ₹3000 monthly after retirement. The recipient has to be at least 60 years old to receive the benefits.
In case of death, the beneficiary's spouse will receive their pension’s 50%. This feature is applicable under family pension.
Let’s check the eligibility set against Pradhan Mantri Shram Yogi. This will help streamline the application.
The eligibility parameters for Pradhan Mantri Shram Yojana are as follows -
Let’s check the advantages of Pradhan Mantri Shram Yogi Maandhan Yojana for eligible applicants.
Beneficiaries can receive the below-given benefits against this scheme -
Let’s check how this scheme works for a clear understanding.
This PM SYM scheme is voluntary in nature and functions on the beneficiary contribution. Here the Government makes a 50% contribution.
This contribution increases as the subscriber grows old. Recipients also receive a Yojana card with unique ID numbers.
Let’s check what are the steps of applying for the PM SYM scheme.
The steps to make an application for PMSYM Yojana through a VLE are as follows.
An applicant will receive a Shram Yogi card and a unique Shram Yogi Pension Account Number.
Individuals who are comfortable with an online application can connect with CSC for the PM Yogi Maandhan Yojana scheme application.
Beneficiaries will receive a Shram Yogi Pension Number and an acknowledgement form. CSC will scan and upload signed documents and hand over printout cards to an applicant. The debit card activates after receiving a confirmation from the bank via SMS.
Let’s check how to claim the benefits of the Maandhan scheme.
As discussed earlier, an applicant needs to visit his/her nearest CSC with their Aadhar card and bank account details to register.
They will receive a Shramyogi card and a unique Shram Yogi Pension Account Number after paying their first contribution in cash to CSC.
A CSC will register beneficiary details on the official portal. Individuals can gain actual benefit of the yojana after they retire or reach 60 years of age.
These are essential details on PM SYM and its application procedure. Individuals should check the official website for detailed and updated information.
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Disclaimer: This information is added only for informative purposes and collected from different sources across the Internet. Digit Insurance is not promoting or recommending anything here. Please verify the information before making any decisions.
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