A Rs 3000 monthly pension will be given to individuals who subscribe to scheme from the age of 60. It also has provision of family pension for spouse in case of death of individual.
A mega pension scheme called Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) Yojana was announced in the Budget 2019 for individuals working in the unorganised sector.
According to the scheme, a monthly pension of Rs 3,000 will be given to individuals who subscribe to the scheme from the age of 60 years. The scheme also has provision of family pension for the spouse in the event of death of the individual. Along with an individual’s contribution, the government will also contribute the same amount to the individual’s account.
If you wish to open an account under PM-SYM Yojana, here is the process elaborated on the EPF India website and information collected from Common Service Centre (CSC).
Who can join the scheme?
To join the scheme one must satisfy the following eligibility criteria.
a) The individual should be an unorganised sector worker
b) The individual’s age should be between 18 years and 40 years
c) Monthly income should not exceed Rs 15,000.
Remember, individuals belonging to organised sector or a member of Employees Provident Fund (EPF), National Pension System (NPS) or Employee State Insurance Corporation (ESIC) or income tax payer are not eligible for the scheme.
To enrol in the scheme, an individual is required to have:
a) Aadhaar Card
b) Savings bank account/ Jan-Dhan Account with IFSC
c) A valid mobile number
How to apply
To apply for an account under this scheme, one is required to visit his/her nearest CSC. Do remember to take along your documents, i.e., Aadhaar card, passbook of your bank account and mobile, with you. Ensure that the IFSC code is printed on your savings account passbook.
Alternatively, you can also visit the branch offices of Life Corporation of India (LIC), ESIC, EPFO and labour offices of central and state government to enquire about the nearest CSC centre.
At the common centre, you will be required to submit the self-certified form along with the consent form for auto-debit facility. These two forms are available at CSC itself.
The person at the CSC will fill up a form based on details available on your Aadhaar card and passbook of your savings account. Once you verify the details, a one-time passwordwill be sent to your mobile number.
Amount of contribution
The amount of contribution to be made by you will depend on your age. The contribution amount will remain same throughout the period, i.e., till the individual attains the age of 60 years. The amount will be debited from your savings account on a monthly basis except for the first subscription amount. The first subscription by the individual is to be paid in cash. There onwards, the amount will be monthly debited from the individual’s account.
Completion of Process
Once the enrolment process is completed at the CSC, an online pension number under the scheme will be generated. The CSC centre will give you a print out of the pension scheme card to you. The pension scheme card will have details such as name, pension start date, monthly pension amount, pension account number and so on.