InvestorQ : Can you share the details of PM-SYM Yojana and what are the updates on the scheme?
Diya Chitale made post

Can you share the details of PM-SYM Yojana and what are the updates on the scheme?

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Siya Saran answered.
6 months ago
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Pradhan Mantri Shram Yogi Maan-Dhan Yojana is a scheme launched by the government in February 2019 to ensure old age protection for the workers in the unorganized sector. This scheme is available for workers between 18-40 years of age, shall not be covered under New Pension Scheme (NPS), Employees Provident Fund scheme or Employees’ State Insurance Corporation (ESIC) scheme, and shall not be a taxpayer. One has to contribute between Rs 55-200 and a similar contribution will be made by the Centre. The subscribers will be eligible for an assured pension of Rs 3000 per month for life long, on attaining the age of 60 years.
 
Recent Updates: 

  1. A total of 80,694 small traders have subscribed to the scheme so far in the current fiscal till September 2021.
  2. The total number of subscribers in the scheme has reached 44,45,605 since its inception in Feb 2019.
  3. So far, over Rs. 173 crore has been spent on the scheme this year against the budgetary allocation of Rs 500 crore for FY 2020-21. 
  4. The addition to the scheme is significantly lower as compared to that of earlier periods due to stress on jobs and earnings post Covid-19 outbreak and lockdown.
  5. Major contributions to the scheme are from Uttar Pradesh (22,415 subscribers) followed by Haryana (92,157 subscribers) and Maharashtra (10,154 subscribers).
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