Salient Features of PM-SYM:
- Contribution by the Subscriber: Once the beneficiary joins the scheme at the entry age of 18-40 years, the beneficiary has to contribute till 60 years of age.
- Matching contribution by the Central Government: PM-SYM is a voluntary and contributory pension scheme on a 50:50 basis where prescribed age-specific contribution shall be made by the beneficiary and the matching contribution by the Central Government.
- Pension Pay out: On attaining the age of 60 years, the subscriber will get the assured monthly pension of Rs.3000/- with benefit of family pension, as the case may be.
- Family Pension: During the receipt of pension, if the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension received by the beneficiary as family pension. Family pension is applicable only to spouse.
- Eligibility:
- The unorganised workers whose monthly income is Rs 15,000/ per month or less and belong to the entry age group of 18-40 years are eligible for the scheme.
- They should not be covered under New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) scheme or Employees’ Provident Fund Organisation (EPFO).
- Further, he/she should not be an income tax payer.
- The subscriber will be required to have a mobile phone, savings bank account and Aadhaar number to get enrolled for PM-SYM.
- Fund Management:
- PM-SYM will be a Central Sector Scheme administered by the Ministry of Labour and Employment and implemented through LIC and CSCs.
- Life Insurance Corporation of India (LIC) will be the Pension Fund Manager and responsible for Pension pay out.
- The enrolment will be carried out by all the Community Service Centres (CSCs).
