The Pradhan Mantri Shram Yogi Maan-Dhan Scheme, is also recognized as PM-SYM is intended for old age protection as well as social security of Unorganised Workers (UW) who are commonly engaged in works like rickshaw pullers, street vendors, mid-day meal labors, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washermen, home-based workers, own-account workers, agricultural workers, construction workers, beedi labors, handloom employees, leather workers, audiovisual labors or in related other jobs.
Eligibility Criteria
• The person is required to be an unorganized worker (UW)
• The entry age for the person is between 18 and 40 years
• The monthly Income is required to be Rs 15000 or less than that
The individual must not be
• engaged in the Organized Sector (membership of EPF/NPS/ESIC)
• an income taxpayer
The individual should possess
• Aadhar card
• Savings Bank Account / Jan Dhan account number with IFSC
Enrolment Procedure
1. An interested eligible individual is required to visit the nearest CSC center. The location of CSC center could be ascertained from the information page on websites of LIC of India, Ministry of Labour and Employment and CSC.
2. While going to CSC for enrolment, the applicant must carry with him the following :
• Aadhar Card
• Savings/Jan Dhan Bank Account details as well as IFS Code ( Bank Passbook or Cheque Leave/book or copy of bank statement as evidence of bank account )
• Preliminary contribution sum in cash for enrolment in this scheme
3. Village Level Entrepreneur (VLE) present at the CSC would key-in aadhaar number, name of the subscriber as printed on aadhar card as well as the date of birth as given in aadhar card and the same would be verified with UIDAI database.
4. Further particulars like Bank Account details, Mobile Number, Email-id, if any, spouse and nominee details shall be captured.
5. Self-certification for eligibility conditions shall be carried out.
6. The system would auto-calculate monthly contribution payable in relation to the age of the subscriber.
7. A subscriber would also pay the amount of 1st subscription in cash towards the VLE who would generate a receipt to be handed over to the subscriber.
8. Enrolment Form cum Auto Debit mandate would also be printed which shall then be signed by the subscriber. VLE would then scan the signed enrolment cum auto-debit mandate as well as upload it into the system.
9. Meanwhile, a unique Shram Yogi Pension Account Number would be generated and Shram Yogi Card shall be printed at CSC
10. After the completion of the procedure, the subscriber would be having with him the Shram Yogi Card as well as a signed copy of the enrolment form for his record.
11. He would also get regularly SMS on activation of auto-debit and Shram Yogi Pension Account details.
The new pension scheme has some riders, also. Beneficiaries are required to have a bank account that needs to be linked with their Aadhaar number to avail of its benefits. Informal workers who are already covered under the National Pension Scheme, the Employees' State Insurance Corporation Scheme or Employees' Provident Fund Scheme would not be able to avail of the PMSYM scheme. Workers who are income-tax assesses are also not be eligible for the scheme.
The scheme also furnishes that if a subscriber has provided regular contributions and died because of any cause, his spouse would be allowed to continue with the scheme afterward by payment of regular contribution. The children of the subscriber are not qualified to be named as nominees, though. The spouse could also exit the scheme through receiving the share of contribution funded by deceased subscribers along with gathered interest.
For permanent disablement of a subscriber, his or her spouse would be eligible to continue with the scheme or exit through receiving the share of contribution, with interest. If the pensioner had died, his or her spouse would be only qualified to receive 50% of the pension.
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