CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The allocation for the PM Shram Yogi Maandhan Yojana (PM-SYM) in the 2025-26 Budget has seen a 37% increase compared to the previous year.
Overview Of PM-SYM
The PM-SYM is a government initiative aimed at providing old-age protection and social security for unorganized sector workers. It is a Central Sector Scheme managed by the Ministry of Labour and Employment, and is executed in collaboration with the Life Insurance Corporation of India (LIC) and CSC eGovernance Services India Limited (CSC SPV). LIC serves as the Pension Fund Manager and is responsible for pension disbursements. The funds collected under this scheme are invested according to the investment guidelines set by the Government of India.
Eligibility Criteria
Indian citizens
Unorganized workers such as street vendors, agricultural workers, construction workers, those in the leather industry, handloom workers, rickshaw and auto drivers, carpenters, rag pickers, fishermen, and others
Aged between 18 and 40 years
Monthly income below Rupees 15,000 and not enrolled in EPFO, ESIC, or NPS
Key Features
Voluntary and Contributory Scheme - Participation in PM-SYM is voluntary and requires contributions from the subscriber.
Assured Pension - Subscribers will receive a minimum assured pension of Rupees 3000 per month upon reaching the age of 60.
Subscriber Contributions - Payments are made via an auto-debit facility from the subscriber's savings or Jan Dhan account. Contributions are made regularly until the subscriber turns 60.
Government Matching Contribution - The Central Government matches the subscriber's contributions on a 50:50 basis, following age-specific contribution amounts.
Family Pension
If the subscriber passes away while receiving the pension, the spouse is entitled to 50% of the pension as a family pension.
If the subscriber dies before turning 60, the spouse can continue the scheme by making regular contributions or exit the scheme according to the provisions for withdrawal.
Exit Provisions
If a subscriber chooses to exit the scheme before completing 10 years, the amount contributed by them, along with accrued interest, will be refunded.
If the subscriber exits after 10 years but before reaching 60, they will receive their contribution along with the accumulated interest.
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