Earn 36000 Rupees by Investing 2 Rupees – Pradhan Mantri Shram Yogi Mandhan Yojana (PMSYM)

Pradhan Mantri Shram Yogi Mandhan Yojana (PMSYM) is a social security scheme introduced by the Government of India in 2019. The scheme is aimed at providing social security benefits to workers in the unorganized sector who have a monthly income of less than Rs 15,000. The scheme seeks to provide financial assistance to workers in their old age, as well as to their families in the event of their death.

Under the scheme, eligible workers are required to contribute a small amount of their monthly income to the scheme, and the government will match their contribution. The scheme is managed by the Ministry of Labour and Employment and is administered by the Employees’ Provident Fund Organisation (EPFO).

The main objective of the PMSYM is to provide financial security to workers in the unorganized sector who are not covered by any social security scheme. The scheme seeks to address the issue of the lack of social security coverage for workers in the unorganized sector, who make up a significant portion of the workforce in India. The PMSYM is expected to benefit over 10 crore workers in the unorganized sector, including street vendors, rickshaw pullers, and other low-income workers.

The PMSYM provides a pension of Rs. 3,000 per month to eligible workers after they reach the age of 60. The scheme also provides for the payment of a lump sum amount of Rs. 1.5 lakh to the nominee of the worker in the event of his or her death. The scheme is open to workers in the age group of 18 to 40 years who have a monthly income of less than Rs. 15,000.

To enroll in the scheme, eligible workers are required to provide their Aadhaar number and bank account details. The monthly contribution for the scheme is based on the age of the worker, with younger workers required to contribute a lower amount. The government will match the worker’s contribution, effectively doubling the amount of the contribution.

The PMSYM has several benefits for workers in the unorganized sector. Firstly, it provides financial security to workers in their old age. Many workers in the unorganized sector are not covered by any social security scheme and may not have any savings or investments to rely on in their old age. The PMSYM provides a pension of Rs. 3,000 per month to eligible workers, which can help them meet their daily needs and provide them with a measure of financial security.

Secondly, the scheme provides financial assistance to the families of workers in the event of their death. Many workers in the unorganized sector may not have any life insurance or other forms of financial protection for their families. The PMSYM provides for the payment of a lump sum amount of Rs. 1.5 lakh to the nominee of the worker in the event of his or her death, which can help the family cope with the financial loss.

Thirdly, the scheme encourages workers in the unorganized sector to save for their future. The contribution required for the scheme is relatively small, and the government’s matching contribution effectively doubles the amount of the contribution. This can help workers build a small nest egg for their future, which can provide them with some financial security and stability.

The PMSYM has been widely praised for its potential to provide financial security to workers in the unorganized sector. However, there are some challenges that need to be addressed to ensure the scheme’s success. One of the challenges is the lack of awareness among workers in the unorganized sector about the scheme. Many workers may not be aware of the scheme or may not understand its benefits. The government needs to undertake a massive awareness campaign to inform workers about the scheme and its benefits.

Key Features of Pradhan Mantri Shram Yogi Maandhan

1. Pension Scheme: PMSYM is a voluntary pension scheme designed for unorganized sector workers. The scheme aims to provide a regular pension to workers after they attain the age of 60.
2. Eligibility: Workers between the age of 18 and 40 years with a monthly income of up to Rs. 15,000 are eligible to enroll in the scheme.
3. Contribution: The worker has to make a monthly contribution towards the pension fund, which ranges from Rs. 55 to Rs. 200, depending on the age of the worker.
4. Government contribution: The government also contributes an equal amount towards the pension fund of the worker.
5. Minimum contribution period: The worker has to contribute to the scheme for a minimum of 20 years to be eligible for the pension.
6. Pension amount: The pension amount is fixed and ranges from Rs. 1,000 to Rs. 3,000 per month, depending on the contribution made by the worker.
7. Portability: The scheme is portable, which means the worker can continue to contribute to the scheme even if he or she changes the job.
8. Nomination: The worker can nominate a family member who will receive the pension in case of his or her death.
9. Grievance redressal: The scheme has a grievance redressal mechanism to address the complaints and grievances of the workers.

Overall, the PMSYM scheme is a beneficial initiative by the government to provide social security to the unorganized sector workers who are often excluded from formal pension schemes.

PMSYM Enrollment Process

The enrollment process for Pradhan Mantri Shram Yogi Maandhan (PMSYM) is as follows:

1. Eligibility check: First, the worker needs to check if he or she is eligible to enroll in the scheme. The worker should be between 18 and 40 years of age and have a monthly income of up to Rs. 15,000.
2. Visit the nearest Common Service Centre (CSC): The worker needs to visit the nearest CSC along with the required documents.
3. Provide personal details: The worker needs to provide his or her personal details such as name, address, age, Aadhaar number, and bank account details.
4. Provide income details: The worker also needs to provide his or her income details, including the monthly income and the nature of work.
5. Make the first contribution: The worker needs to make the first contribution towards the pension fund, which ranges from Rs. 55 to Rs. 200, depending on the age of the worker.
6. Receive acknowledgment: Once the enrollment process is complete, the worker will receive an acknowledgment receipt containing the details of the scheme and the contributions made.
7. Receive PMSYM card: The worker will receive a PMSYM card containing his or her personal details, contribution details, and the pension amount.

It is important to note that the worker needs to contribute to the scheme for a minimum of 20 years to be eligible for the pension. The pension amount will depend on the contributions made by the worker and ranges from Rs. 1,000 to Rs. 3,000 per month. The scheme also has a nomination facility, where the worker can nominate a family member who will receive the pension in case of his or her death.

Who all are Eligible for the PMSYM Scheme?

The following categories of workers are eligible to enroll in the Pradhan Mantri Shram Yogi Maandhan (PMSYM) scheme:

1. Unorganized sector workers: Workers in the unorganized sector who are not covered under any formal pension scheme are eligible to enroll in the PMSYM scheme. The scheme provides social security to workers in the unorganized sector.
2. Age limit: The worker should be between the age of 18 and 40 years to enroll in the scheme.
3. Income limit: The worker should have a monthly income of up to Rs. 15,000 to be eligible for the scheme.
4. Exclusion: The workers who are already covered under any statutory social security scheme such as EPF, NPS, ESIC, etc., are not eligible to enroll in the PMSYM scheme.
5. Other criteria: The worker should have a savings bank account or a Jan Dhan account with a valid Aadhaar card and mobile number.

It is important to note that the PMSYM scheme is a voluntary pension scheme, and workers who fulfill the eligibility criteria can enroll in the scheme and make regular contributions towards their pension fund. The scheme aims to provide financial security to workers in the unorganized sector who often do not have any formal pension scheme.

Benefits of PMSYM Yojana

The benefits of Pradhan Mantri Shram Yogi Maandhan (PMSYM) scheme are:

1. Pension benefits: The scheme provides pension benefits to workers in the unorganized sector after they attain the age of 60. The pension amount ranges from Rs. 1,000 to Rs. 3,000 per month, depending on the contributions made by the worker.
2. Affordable contribution: The contribution towards the pension fund is affordable and ranges from Rs. 55 to Rs. 200 per month, depending on the age of the worker. The government also contributes an equal amount towards the pension fund.
3. Financial security: The scheme provides financial security to workers in the unorganized sector who often do not have any formal pension scheme. The pension benefits will help them in their old age when they may not have a regular source of income.
4. Nomination facility: The worker can nominate a family member who will receive the pension in case of his or her death. This provides an additional layer of financial security to the worker and his or her family.
5. Portability: The scheme is portable, which means the worker can continue to contribute to the scheme even if he or she changes the job. This ensures that the worker can continue to receive the pension benefits irrespective of his or her job status.
6. No tax liability: The pension received under the scheme is exempt from income tax, which means the worker does not have to pay any tax on the pension amount.

Overall, the PMSYM scheme is a beneficial initiative by the government to provide social security to workers in the unorganized sector who often do not have any formal pension scheme. The scheme provides financial security to these workers and ensures that they have a regular source of income after they retire.