Under Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM), Union Labour and Employment Minister Bhupender Yadav launched the‘ Donate-a-Pension’ program.

Overview

  • This initiative has been launched to make the process of contributing to and creating a pension fund for the support staff easier.
  • Under this pension scheme initiative citizens can contribute the premium donation of their support staff similar as drivers, domestic workers, helpers, etc.

About Pradhan Mantri Shram Yogi Maandhan Yojana
PM-SYM is a contributory and voluntary pension scheme in which the beneficiary contributes apre-determined age-specific donation, which is matched by the government in a 5050 ratio.
PM-SYM is overseen by the Ministry of Labour and Employment and is enforced by the Life Insurance Corporation of India and CSC eGovernance Services India Limited (CSC SPV). LIC is the Pension Fund Manager, and they’re in charge of outlaying the pensions. The funds raised through the PM-SYM pension system are invested in accordance with the Government of India’s investment strategy.
Benefits of PM-SYM Scheme
The beneficiaries are promised a guaranteed monthly pension amount of Rs 3000 per month after they reach the age of 60. During the damage of the pension, if the beneficiary dies 50 percent of the devisee’s pension will be given to the spouse as a familypension.However, their partner will be suitable to continue and join the scheme by making monthly contributions or exit the scheme according to the exit and withdrawal provisions, If a beneficiary who was making regular contributions died before reaching the age of 60.
Eligibility for PM-SYM
Home- based workers,mid-day meal workers, street vendors, brick kiln workers, head loaders, rag pickers, cobblers, washer men, domestic workers, landless labourers, rickshaw pullers, agricultural workers, own- account workers, beedi workers, construction workers, leather workers, handloom workers, audio-visual workers, and similar other occupations are among the heirs of the scheme.
According to the Labour Ministry, the scheme is open to workers with a monthly income of Rs or less and who are between the ages of 18 and 40. They should also not be covered by the Employees’State Insurance Corporation (ESIC), New Pension Scheme (NPS), or Employees’Provident Fund Organisation (EPFO). Also, he or she shouldn’t be a tax payer.

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