Think of working throughout your life, and then fretting over necessities in old age. That is the fate of crores of labourers in India’s unorganised economy. So that they have a dignified life after 60 years of age, the government introduced a special pension scheme- Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM).
What Is the PM Shram Yogi Pension Scheme All About?
The plan, unveiled in February 2019, promises a pension of ₹3000 a month to the unorganised sector workers when they are 60 years of age. It is a voluntary and contributory pension scheme of the Ministry of Labour and Employment. It is a straightforward idea, to ensure that those who have worked their whole lives are not left with nothing in their old age.
To become a member of this scheme, you will be employed in the unorganised segment such as construction workers, domestic workers, rickshaw pullers, street vendors, etc. Your salary is ₹15,000 or below. You will be between 18 to 40 years of age at the time of applying. You cannot already be a member of EPFO, ESIC, or NPS, and also not subject to paying income tax.
More than 46 lakh people in the country have enrolled till now, reflecting how much this scheme is required.
PM Kisan Yojana Update: 20th Installment May Be Delayed for These Farmers – Here’s Why
Monthly Contribution by Age
The amount you contribute varies based on the age you join. If you join at 18, you contribute ₹55 every month. When you are 29, it is ₹100 per month. And if you sign up at 40 years, you pay ₹200 a month. The catch is whatever you contribute, the government contributes the same. So if you contribute ₹100, the government contributes ₹100 as well.
How to Join PM-SYM Pension Scheme?
Simply go to your local Common Service Centre (CSC). Take your Aadhaar card, mobile number, and bank passbook. It takes hardly a minute, and after joining, you will be given a pension card for verification of membership.
Why this scheme is crucial for workers
The majority of Indian workers are hand-to-mouth and have no retirement plans or savings. The scheme offers them hope, an assured income and respectability in their old age. It’s not a scheme, it’s security.
Download Ayushman Vaya Vandana Card Online and Get Free Hospital Treatment Up to ₹5 Lakh
Last Thoughts: Secure Your Retirement Early
The sooner you register, the lesser your monthly deduction and the earlier you secure your future. Don’t wait if you or your family member is eligible. Register now and create a worry-free life after 60.