New Delhi: Are you married and making retirement plans? If so, the Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) programme of the Modi government is one such programme that can offer reasonable returns coupled with investment safety.  The Modi government launched pension plans a few years ago to give workers in the nation’s unorganised sector financial security.

The Ministry of Labour and Employment launched the Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) in 2019. The plan enables married couples to invest as low as Rs 200 per month and receive an annual income of Rs 72,000.

What is Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) Scheme?

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The unorganised workers mostly engaged as home based workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, rickshaw pullers, landless labourers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio- visual workers and similar other occupations 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.

How married couples can get Rs 72,000 yearly pension under Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) Scheme?

Here is a simple calculation to understand how a couple can earn Rs 72,000 yearly pension. For example if a person is 30 years old, the monthly contribution in the schemes would be around Rs 100 per month –a couple thus spends Rs 200 per month. Hence, while the individual contribution will be Rs 1200 in a year, after attaining 60 years, the individual will get Rs 36,000 yearly as Pension (Rs 72,000 yearly pension for couple).

What are the salient features of Pradhan Mantri Shram Yogi Maan-dhan Scheme

Minimum Assured Pension: Each subscriber under the PM-SYM, shall receive minimum assured pension of Rs 3000 per month after attaining the age of 60 years.

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.

How to enroll for Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) Scheme?

The subscriber will be required to have a mobile phone, savings bank account and Aadhaar number. The eligible subscriber may visit the nearest CSCs and get enrolled for PM-SYM using Aadhaar number and savings bank account/ Jan-Dhan account number on self-certification basis.