Government Mega Pension Scheme – PMSYM 2019

Government Mega Pension Scheme – PMSYM 2019

Pradhan Mantri Shram Yogi Maan-dhan – announced in the budget 2019 for unorganized sector workers..

🎯 Key Factors:

(1)The scheme will come into force from 15 February, 2019.

(2) This Scheme shall apply to the unorganised workers like 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.

(3)To join the mega pension scheme, the monthly income of unorganised worker should not exceed Rs 15,000.

(4)The eligible person should have a savings bank account and Aadhaar number.

(5)The age of worker should not be less than 18 years and not more than 40 years of age.

(6) A worker will not be eligible if he/she is already a member of other pension schemes – National Pension Scheme (NPS) .

(7)In case of default on payment contributions, the eligible subscriber will be allowed to regularise his/her contributions by paying the outstanding dues along with interest.

(8)If the subscriber wishes to exit the scheme, within ten years of date of joining, then only his share of contribution will be returned to him along with savings bank interest rate.

(9)If the eligible subscriber dies due to any cause, then the spouse shall have an option to continue the scheme by making regular contribution or exit the scheme by receiving share of contribution paid by the subscriber along with accumulated interest or savings bank interest rate, whichever is higher.

(10)The minimum monthly pension assured in the scheme is Rs 3000 which will be paid to the subscriber after attaining the age of 60 years.

(11)During the years when pension is received by subscriber, if he/she dies, then spouse shall be eligible to receive 50 per cent of the pension received by the subscriber. Children of the subscriber will not be allowed to receive any pension benefit after his/her death.