Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) will
be rolled out by the Ministry of Labour and Employment tomorrow i.e.
15.02.2019. The scheme announced in the Interim Budget was notified by the
Ministry recently. As many as 42 crore workers are estimated to be engaged in
the unorganized sector of the country.
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.
Following are the salient Features of PM-SYM:
- 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.
(iii) If a beneficiary has given regular
contribution and died due to any cause (before age of 60 years), his/her spouse
will be entitled to join and continue the scheme subsequently by payment of
regular contribution or exit the scheme as per provisions of exit and withdrawal.
Contribution by the Subscriber: The
subscriber’s contributions to PM-SYM shall be made through ‘auto-debit’
facility from his/ her savings bank account/ Jan- Dhan account. The subscriber
is required to contribute the prescribed contribution amount from the age of
joining PM-SYM till the age of 60 years. The chart showing details of entry age
specific monthly contribution is as under:
Entry Age
|
Superannuation Age
|
Member's monthly contribution
(Rs)
|
Central Govt's monthly contribution
(Rs)
|
Total monthly contribution (Rs)
|
(1)
|
(2)
|
(3)
|
(4)
|
(5)= (3)+(4)
|
18
|
60
|
55
|
55
|
110
|
19
|
60
|
58
|
58
|
116
|
20
|
60
|
61
|
61
|
122
|
21
|
60
|
64
|
64
|
128
|
22
|
60
|
68
|
68
|
136
|
23
|
60
|
72
|
72
|
144
|
24
|
60
|
76
|
76
|
152
|
25
|
60
|
80
|
80
|
160
|
26
|
60
|
85
|
85
|
170
|
27
|
60
|
90
|
90
|
180
|
28
|
60
|
95
|
95
|
190
|
29
|
60
|
100
|
100
|
200
|
30
|
60
|
105
|
105
|
210
|
31
|
60
|
110
|
110
|
220
|
32
|
60
|
120
|
120
|
240
|
33
|
60
|
130
|
130
|
260
|
34
|
60
|
140
|
140
|
280
|
35
|
60
|
150
|
150
|
300
|
36
|
60
|
160
|
160
|
320
|
37
|
60
|
170
|
170
|
340
|
38
|
60
|
180
|
180
|
360
|
39
|
60
|
190
|
190
|
380
|
40
|
60
|
200
|
200
|
400
|
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
as per the chart. For example, if a person enters the scheme at an age of 29
years, he is required to contribute Rs 100/ - per month till the age of 60
years. An equal amount of Rs 100/- will be contributed by the Central
Government.
Enrolment Process under PM-SYM:
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.
Later, facility will be provided where the subscriber can
also visit the PM-SYM web portal or can download the mobile app and
self-register using Aadhar number/ savings bank account/ Jan-Dhan account
number on self-certification basis.
Enrollment agencies: The enrolment will be
carried out by all the Community Service Centers (CSCs). The unorganised
workers may visit their nearest CSCs along with their Aadhar Card and Savings
Bank account passbook/Jandhan account and get registered themselves for the
Scheme. Contribution amount for the first month shall be paid in cash for
which they will be provided with a receipt.
Facilitation Centres: All the branch offices of LIC,
the offices of ESIC/EPFO and all Labour offices of Central and State
Governments will facilitate the unorganised workers about the Scheme, its
benefits and the procedure to be followed, at their respective centers.
In this respect, the arrangements to be made by all offices
of LIC, ESIC, EPFO all Labour offices of Central and State Governments are
given below, for ease of reference:
- All
LIC, EPFO/ESIC and all Labour offices of Central and State Governments may
set up a “Facilitation Desk” to facilitate the unorganised workers, guide
about the features of the Scheme and direct them to nearest CSC.
- Each
desk may consist of at least one staff.
- They
will have backdrop, standi at the main gate and sufficient number of
brochures printed in Hindi and regional languages to be provided to the
unorganised workers.
- Unorganised
workers will visit these centres with Aadhaar Card, Savings bank account/
Jandhan account and mobile phone.
- Help
desk will have onsite suitable sitting and other necessary facilities for
these workers.
- Any
other measures intended to facilitate the unorganised workers about the
Scheme, in their respective centers.
Fund Management: PM-SYM will be a Central
Sector Scheme administered by the Ministry of Labour and Employment and
implemented through Life Insurance Corporation of India and CSCs. LIC will be
the Pension Fund Manager and responsible for Pension pay out. The amount
collected under PM-SYM pension scheme shall be invested as per the investment
pattern specified by Government of India.
Exit and Withdrawal: Considering the hardships
and erratic nature of employability of these workers, the exit provisions of
scheme have been kept flexible. Exit provisions are as under:
- In
case subscriber exits the scheme within a period of less than 10 years,
the beneficiary’s share of contribution only will be returned to him with
savings bank interest rate.
- If
subscriber exits after a period of 10 years or more but before
superannuation age i.e. 60 years of age, the beneficiary’s share of
contribution along with accumulated interest as actually earned by fund or
at the savings bank interest rate whichever is higher.
- If a
beneficiary has given regular contributions and died due to any cause,
his/ her spouse will be entitled to continue the scheme subsequently by
payment of regular contribution or exit by receiving the beneficiary’s
contribution along with accumulated interest as actually earned by fund or
at the savings bank interest rate whichever is higher.
- If a
beneficiary has given regular contributions and become permanently
disabled due to any cause before the superannuation age, i.e. 60 years,
and unable to continue to contribute under the scheme, his/ her spouse
will be entitled to continue the scheme subsequently by payment of regular
contribution or exit the scheme by receiving the beneficiary’s
contribution with interest as actually earned by fund or at the savings
bank interest rate whichever is higher.
- After
the death of subscriber as well as his/her spouse, the entire corpus will
be credited back to the fund.
- Any
other exit provision, as may be decided by the Government on advice of
NSSB.
Default of Contributions:
If a subscriber has not paid the contribution continuously
he/she will be allowed to regularize his contribution by paying entire
outstanding dues, along with penalty charges, if any, decided by the
Government.
Pension Pay out:
Once the beneficiary joins the scheme at the entry age of
18-40 years, the beneficiary has to contribute till 60 years of age. 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.
Doubt and Clarification: In case of any doubt on
the scheme, clarification provided by the JS& DGLW will be final.
Courtesy: pib.gov.in
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