As an Indian citizen, I am proud to discuss the Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM). This scheme was launched by Prime Minister Narendra Modi in 2019 to provide social security to the unorganized sector workers in India. This scheme is applicable to all the people belonging to the unorganized sector, who are involved in manual labor, such as daily wage earners, and self-employed individuals. This scheme is being administered by the Ministry of Labour and Employment, and is being implemented through the life insurance corporation of India. This article will discuss the features, eligibility, enrolment procedure, and other important details of the PM-SYM Yojana, for the benefit of the readers
The PM Shram Yogi Mandhan Yojana (PMSYM) is an important scheme launched by the Government of India in 2019 to provide pension security to workers employed in the unorganized sector. It is a great initiative to ensure financial inclusion of the vulnerable section of society.
As per reports, nearly 50 crore workers are engaged in the unorganized sector and the PMSYM scheme aims to cover 10 crore of them. A monthly pension of Rs 3,000 per month is provided to eligible beneficiaries upon attaining the age of 60 years. To become eligible, workers need to make minimum monthly contributions of Rs 55 to Rs 200.
This scheme is also beneficial to states and union territories as the central government will bear 60% of the costs, while the remaining 40% will be borne by the respective state or UT. The scheme also offers portability and employment opportunities to beneficiaries, who can migrate to another state and still avail the benefits.
Apart from the pension benefits, the scheme also provides several tax benefits to the contributors. Deduction of up to Rs 15,000 each year is allowed under Section 80 CCD (1B) of the Income Tax Act, 1961. Moreover, the contributions made by the employee as well as the employer will not be subject to any tax deduction.
The PMSYM scheme is a great step towards providing financial security to the workers of the unorganized sector and is a must-know topic for the UPSC exams. For more information, you can visit the government website https://labour.gov.
The Pradhan Mantri Shram Yogi Mandhan Yojana (PM-SYM) is an ambitious government scheme launched in 2019 to provide pension benefits to unorganized workforce in India. It is aimed at providing an assured monthly pension of Rs. 3000 to eligible workers above the age of 60. Under the PM-SYM, more than 10 crore workers in the unorganized sector will be eligible to get benefit from the scheme.
The scheme is administered through the Ministry of Labour and Employment, and is open to all unorganised workers aged 18-40 years. The eligible workers must have an Aadhar Card and a bank account. To apply for the scheme, the worker must submit his/her Aadhar number and bank details to the National Pension System Trust (NPS Trust).
According to the government, the scheme is expected to benefit 42.50 crore workers in the unorganised sector, including street vendors, rag pickers, mid-day meal workers, agricultural workers and small shopkeepers. This scheme would be a great relief for these workers, as they often find it difficult to save money for their retirement.
The scheme also increases the coverage of the National Pension System (NPS) to the unorganised sector. By expanding the coverage of NPS, the government wants to ensure that all workers in the unorganised sector are able to enjoy some sort of pension benefits post retirement.
The Union Cabinet approved the PM-SYM Yojana in 2019 and it has been implemented in over 27 states
The Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM) is a pension scheme for unorganized sector workers. It is an initiative by the government of India to financially provide for the social security of the working class. The eligibility criteria for the PM-SYM include being an unorganized sector worker and having a monthly income of less than Rs. 15,000. Moreover, the applicant must be between the age of 18 to 40 years. Additionally, the applicant must have an Aadhaar card and a bank account.
The scheme is applicable to all eligible Indian citizens and provides a monthly pension of Rs. 3000 after the applicant attains the age of 60 years. The scheme also provides accidental death and disability cover with a sum assured of Rs. 2,00,000 to all subscribers. An amount of Rs. 55-200 per month is required to be paid by the applicant to avail the scheme’s benefits.
The scheme was launched on 15th February 2019 with an aim to provide social security to over 42 crore unorganized sector workers in India. PM-SYM is being implemented by the Ministry of Labour & Employment and the LIC of India. The scheme is estimated to benefit over 5 crore workers in the first year and over 10 crore workers by 2024.
It is an important step taken by the government to provide economic security to the unorganized sector workers of the country. It is an excellent opportunity for the underprivileged to ensure financial security in the future. Interested applicants can apply for the PM
The Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM) is a social security scheme launched by the Indian Government in 2019. It is designed to provide pension benefits to informal sector workers with income of up to Rs. 15,000 per month. The scheme provides an assured pension of Rs. 3000 per month after the age of 60 years. The scheme also provides an insurance cover of Rs. 2 lakh in case of death or disability due to any reason.
The scheme has been designed to provide financial security to the informal sector workers, who otherwise do not have access to any other pension scheme. The scheme is expected to benefit over 10 crore workers in India, primarily from the unorganized sector. In addition, the scheme also incentivizes the workers to save for their retirement by providing a 5% additional return on the contributions made by the worker.
The PM-SYM scheme is managed by the Ministry of Labour and Employment and is governed by the Employees’ Provident Fund Organisation (EPFO). The scheme is open to anyone between the age of 18 to 40 years and has a minimum contribution of Rs. 55 per month. The scheme is available through EPFO offices and is also accessible through the government’s e-NPS portal.
The PM-SYM scheme is a welcome step towards providing a social security net to the informal sector workers. According to a recent report by the International Labour Organisation (ILO), there are more than 400 million informal sector workers in India, out of
How to Apply
The Pradhan Mantri Shram Yogi Mandhan Yojana (PM-SYM) is a pension scheme aiming to provide social security to unorganized sector workers in India. It was launched in 2019 by the Central Government of India to provide them a minimum pension of Rs. 3000 per month on attaining the age of 60 years. To apply for this scheme, the applicant must be between 18 to 40 years old and must have an Aadhaar card.
The applicant should also have a bank or post office savings account with a valid mobile phone number linked to it. The registration process is simple and can be done online or by visiting the local Common Service Centre or the Gram Panchayat. The amount of contributions depends on the age of the applicant, being higher for older applicants.
In addition to the annual contributions, the government has allocated Rs. 500 crore in the Union Budget of 2019-20 for the PM-SYM scheme. It is estimated that around 10 crore workers from the unorganized sector will benefit from this scheme. The scheme also provides for tax benefits to those who contribute to the pension fund.
The pension amount will be deposited directly into the account of the beneficiaries. The amount can be availed by the beneficiary periodically every month or as lump sum payment after attaining the age of 60 years. The scheme is expected to provide a much-needed relief to the workers of the unorganized sector and will significantly reduce the financial burden in their old age.
To find out more about the Pradhan Mant
The Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM) was launched in 2019 by the Indian government as a pension scheme for Unorganized Workers, which is a segment of workers who do not have any social security benefits or pension schemes available to them. As of May 2020, the scheme has reached an impressive milestone of over 56 lakh beneficiaries, with more numbers expected in the near future.
Despite its success and increasing reach, the PM-SYM scheme faces a few challenges. Firstly, the lack of awareness amongst prospective beneficiaries, who are mostly rural and uneducated, poses a major hurdle in reaching out to them and informing them of the scheme’s availability. Secondly, the current eligibility criteria of the scheme limits its reach only to those workers who are over 18 years of age and earning below Rs. 15,000 per month, leaving out many potential beneficiaries.
Thirdly, the enrolment process for the scheme is quite lengthly and cumbersome due to the extensive paperwork and documentation that needs to be submitted. This is further complicated by the lack of access to digital resources among the target group. Lastly, there is a need to keep track of the progress of the scheme and ensure that the financial benefits are reaching the intended beneficiaries.
Therefore, the Pradhan Mantri Shram Yogi Maandhan Yojana has been able to make a positive impact on the lives of its beneficiaries, but it still needs to focus on addressing the aforementioned challenges in order to ensure its long term success. The
Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM) is a pension scheme launched by the Indian Government for the unorganised sector workers. It offers a minimum monthly pension of Rs 3000 for those aged between 18 and 40 years of age. Under the scheme, workers can contribute to their pension plans from Rs 55 to Rs 200 per month. The scheme aims to provide social security to those who are not covered by existing pension schemes.
The scheme is available to all those who are working in the unorganised sector and earning less than Rs. 15,000 per month. This includes workers such as street vendors, rickshaw-pullers, mid-day meal workers, domestic workers, anganwadi workers and so on. To be eligible for the scheme, workers must have an Aadhaar Card and a bank account.
The scheme offers a number of benefits to the workers, including an annuity at the time of retirement, life insurance cover, and financial assistance for their families in case of their death. In addition to this, the scheme also offers facilities such as medical facilities, accident and disability insurance, and educational assistance. The workers can also get access to financial assistance during times of natural calamities and other emergencies.
The scheme is being implemented through various governmental organizations, including the Employees’ State Insurance Corporation, the Life Insurance Corporation of India and the Public Sector Banks. The government has also provided various incentives and subsidies to the workers, including tax rebates and subsidies on medical insurance. In order to apply
Pradhan Mantri Shram Yogi Mandhan Yojana is a great effort to ensure financial security for India’s unorganised sector workers. This scheme has the potential to bring about a positive social transformation in India, and I am confident that it will be successful in making sure that the unorganised sector workers are able to lead a life of dignity and respect. It is also an important indication of the government’s commitment to provide for the welfare of the poor and marginalised in our society. I hope that all citizens of India will take advantage of the benefits of this scheme and ensure that it is a grand success. I call on all citizens to support the efforts of the government in making Pradhan Mantri Shram Yogi Mandhan Yojana a success, as we strive to build a better future for all.