The Pradhan Mantri Shram Yogi Maan-dhan scheme is meant for old-age protection and social security of unorganised workers. These are mostly those engaged as rickshaw pullers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, home-based workers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio- visual workers or in similar other occupations.
Eligibility criteria
According to the Employees' Provident Fund Organisation (EPFO), to be eligible for the scheme these are conditions that have to be met:
1)Should be an unorganised worker
2)Entry age between 18 and 40 years
3)Monthly income Rs 15,000 or below
Should not be:
1)Engaged in organised sector (membership of EPF/NPS/ESIC)
2)An income tax payer
He/ she should possess:
1)Aadhar card
2)Savings bank account / Jan Dhan account number with IFSC
Features
It is a voluntary and contributory pension scheme, under which the subscriber would receive a minimum assured pension of Rs 3,000 per month after attaining the age of 60 years and if the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50 percent of the pension as family pension. Family pension is applicable only to spouse.
Contribution by the UW subscriber
Through auto-debit facility from his/ her savings bank account/ Jan- Dhan account from the date of joining PM-SYM till the age of 60 years as per the chart below. The central Government will also give equal matching contribution in his pension account.
Enrolment procedure
The unorganised worker will be required to visit the nearest Common Services Centre (CSC) and get enrolled for PM-SYM using Aadhaar Card and Savings bank/ JanDhan account number on self-certification basis. First subscription to be paid in cash and auto debit from the next month.
Enrollment agencies:
The enrolment will be carried out by all the Common Services Centres in the country.
Facilitation Centres
All the labour offices of state and central Governments, all the branch offices of LIC, the offices of ESIC/EPFO will act as Facilitation Centres to give full information to unorganised workers about the Scheme, its benefits and the procedure to be followed, at their facilitation desks/ help desks.
Fund management
PM-SYM will be a Central Sector Scheme administered by the Ministry of Labour and Employment and implemented through LIC and CSC e-Governance Services India Limited (CSC SPV). LIC will be the pension fund manager and responsible for pension pay out. Exit and withdrawal: Considering the hardships and erratic nature of employability of UWs, the exit provisions of scheme have been kept flexible.
(i) If he/ she exits the scheme within a period of less than 10 years, the beneficiary's share of contribution only will be returned to him with savings bank interest rate.
(ii) If subscriber exits after a period of 10 years or more but before 60 years of age, the beneficiary's share of contribution along with accumulated interest as actually earned by fund or at the savings bank interest rate whichever is higher.
(iii) If a beneficiary has given regular contributions and died due to any cause, his/her spouse will be entitled to continue the scheme subsequently by payment of regular contribution or exit by receiving the beneficiary's contribution along with accumulated interest as actually earned by fund or at the savings bank interest rate whichever is higher.
(iv) If a beneficiary has given regular contributions and become permanently disabled due to any cause before 60 years, and unable to continue under the scheme, his/ her spouse will be entitled to continue the scheme subsequently by payment of regular contribution or exit the scheme by receiving the beneficiary's contribution with interest as actually earned by fund or at the savings bank interest rate whichever is higher.
(v) After the death of subscriber as well as his/her spouse, the entire corpus will be credited back to the fund.
Default
If a subscriber has not paid the contribution continuously he/she will be allowed to regularise his contribution by paying entire outstanding dues, along with penalty charges, if any, decided by the government
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