Pradhan Mantri Shram Yogi Maan Dhan Yojana, PM Modi Unveils PMSYM Pension Plan, provide workers in the unorganized sector with monthly earnings of up to Rs. 15,000 a fixed pension of Rs. 3,000 per month from the age of 60 years. Subscribers under the scheme will have to make a small contribution on a month-on-month basis during their working life.
Terming it as a historic day, the Prime Minister dedicated PM-SYM Yojana to the forty two crore strong unorganized sector workers in the country. He said that the scheme will assure a monthly pension of Rs.3000 for the enrolled unorganized sector workers during their old age. It is for the first time since independence that such a scheme is envisaged for the crores of workers engaged in the informal sector, PM added.
The workers of unorganised sector can be 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.
PMSYM is open only for those workers who are in the unorganized sector and are between the age of 18 and 40 years. The amount of monthly contribution is based on age and has to be paid till age 60. (see chart below) An equal amount every month will be contributed to the individual’s PMSYM account.