Pradhan Mantri Shram Yogi Mandhan Yojna 2019:  Introduced in 2019, the Pradhan Mantri Shram Yogi Mandhan Yojana (PM-SYM) has seen registration of more than 32 lakh people till date for the scheme that assures a monthly pension of at least Rs 3,000 for poor people. This pension scheme is provided to workers in unorganised sector who are above 60 years of age.

“We are launching Pradhan Mantri Shram Yogi Mandhan. The scheme will provide assured monthly pension of Rs 3,000, with a contribution of 100 rupees per month, for workers in unorganised sector after 60 years of age,” Union Minister Piyush Goyal was quoted as saying by news agency PTI. The minister had said this while presenting the Interim Budget for 2019-20.

Who can avail this scheme?

People working in unorganized sector with a monthly income of 15,000 or less and in the age group of 18-40 years can apply for the scheme. The prime requirement is they should not be paying income tax or be covered by any other schemes such as National Pension Scheme, Employees’ State Insurance Corp scheme or the Employees’ Provident Fund scheme.

How to get enrolled in the scheme:

People interested to avail the benefits from the scheme should visit the nearest common service centres (CSCs) to get themselves enrolled. And there, they need to open a savings bank account or Jan Dhan account. They need to carry Aadhaar card with them to open this pension account. More 3 lakh CSCs are there across the country to help these people to open their account.

How to exit this scheme?

If somebody wants to exit this scheme in less than 10 years of time, then his/her share of contribution will be returned with a savings bank interest rate. And suppose, somebody plans to exit after 10 years of time before turning 60, then his/her share of contribution along with accumulated interest as actually earned by the fund or at the savings bank interest rate whichever is higher, will be returned.

How does it work?

The minister has said that a worker interested to join the scheme on attaining 29 years of age or above will have to contribute Rs 100 per month, while those joining the at the age of 18 will have to contribute Rs 55 per month. The contribution amount for the first month will be paid in cash and the scheme holders will be provided with a receipt.

Goyal has also said that this scheme will be in addition to the life insurance scheme under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and accident insurance scheme under the Pradhan Mantri Suraksha Bima Yojana (PMSBY).