InvestorQ : What is this new Pradhan Mantri Shram Yogi Maan-dhan scheme?
Tanya Mehta made post

What is this new Pradhan Mantri Shram Yogi Maan-dhan scheme?

Answer
user profile image
1 year ago


Pradhan Mantri Shram-Yogi Maandhan (PMSYM) is the pension scheme for the ‘unorganised sector worker’ which Finance Minister Piyush Goyal has summoned on his budget speech. This scheme is going to be formally launched on February 15, 2019. An individual has to contribute a fixed monthly amount till age 60 and the same amount will be contributed by the government. After attainment of age 60, the pensioner will receive the pension at a regular interval. This scheme is similar to EPF scheme that exist in organised sector.

It should be noted that, only unorganised worker earning monthly income of Rs 15,000 or less and having savings bank account and Aadhaar number can avail this scheme. Pensioner will receive fixed monthly pension of Rs 3,000 irrespective of the age one has entered the scheme till lifetime of the individual. If the policy holder dies during pension, the spouse will receive half amount and after spouse death the corpus shall be credited back to the Pension Fund of the government.

In a other words, all the mere petty workers like home based workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, ragpickers, domestic workers, washer men, rickshaw pullers, landless labourers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, etc. will be covered with pension.