Government of India has introduced a pension scheme for unorganized workers to ensure old age protection. The idea is to let workers save towards retirement. The workers in the unorganized sector with a monthly income of up to Rs 15,000 will get a pension of Rs. 3000 from the retirement age . The subscriber will have to pay a small amount of contribution during their working age. he/she should not be an income tax payer.The unorganized workers mostly engaged as home based workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, rickshaw pullers, landless labourers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers,
Government of India has introduced a pension scheme for unorganised workers to ensure old age protection.The idea is to let workers save towards retirement.The workers in the unorganized sector with a monthly income of up to Rs 15,000 will get a pension of Rs. 3000 from the retirement age . The subscriber will have to pay a small amount of contribution during their working age. he/she should not be an income tax payer.
The unorganised workers mostly engaged as home based workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, rickshaw pullers, landless labourers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio- visual workers and similar other occupations.
It is a voluntary and contributory pension scheme, under which the subscriber would receive the following benefits :
Minimum Assured Pension: Each subscriber under the PM-SYM, shall receive minimum assured pension of Rs 3000/- per month after attaining the age of 60 years.
Family Pension: During the receipt of pension, if the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension received by the beneficiary as family pension. Family pension is applicable only to spouse.
If a beneficiary has given regular contribution and died due to any cause (before age of 60 years), his/her spouse will be entitled to join and continue the scheme subsequently by payment of regular contribution or exit the scheme as per provisions of exit and withdrawal.
Below are the eligibility of the PMSYM Yojana :
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