Introduction
The Pradhan Mantri Shram Yogi Maandhan (PM-SYM) Scheme is a voluntary and contributory pension scheme designed to provide financial security to workers in the unorganised sector. Launched in 2019, this social security initiative aims to offer a fixed monthly pension post-retirement, ensuring economic stability for informal sector workers. Recently, the government introduced new updates, including an extended revival period, flexible exit provisions, and improved integration with the e-Shram portal to enhance accessibility and efficiency.
What is PM-SYM?
The PM-SYM Scheme is a pension scheme offering social security benefits to unorganised sector workers. The government contributes an equal matching amount towards the pension fund, ensuring financial support during old age.
Objectives of PM-SYM
To provide a fixed monthly pension of ₹3,000 after the age of 60.
To offer financial protection for unorganised sector workers post-retirement.
To encourage long-term savings and social security participation.
Ministry & Implementation
Administered by: Ministry of Labour and Employment.
Managed by: Life Insurance Corporation (LIC) of India and Common Service Centres (CSC SPV).
Integrated with: e-Shram for wider outreach and digital accessibility.
Key Features of the PM-SYM Scheme
1. Eligibility Criteria
Workers in the unorganised sector earning up to ₹15,000 per month.
Age group: 18 to 40 years.
Must have an Aadhaar Card and a savings bank account.
2. Pension Benefits
Fixed pension of ₹3,000 per month after attaining 60 years.
Government matches the subscriber’s contribution (1:1).
3. Contribution Details
Contributions vary by age:
₹55/month if enrolled at 18 years.
₹200/month if enrolled at 40 years.
4. Family Pension
If the subscriber passes away, the spouse receives 50% of the pension.
If both subscriber and spouse pass away, the pension corpus is credited back to the fund.
5. Exit & Withdrawal Provisions
Before 10 years: The subscriber can exit with a refund (principal with savings interest).
After 10 years but before 60 years: Refund with accrued interest.
If subscriber dies before 60 years: The spouse can either continue the scheme or exit with a refund.
6. Account Revival Policy
Subscribers can now revive their accounts within three years if they face financial difficulties and miss contributions.
How to Enroll in PM-SYM?
Visit the nearest Common Service Centre (CSC) or access the Maandhan portal.
Provide Aadhaar Card, savings bank account details, and mobile number.
Complete biometric verification and submit the initial contribution amount.
The system generates a PM-SYM card confirming enrollment.
Who is NOT Eligible for PM-SYM?
The scheme excludes:
Income taxpayers.
Workers covered under EPF, ESIC, or NPS.
Individuals already receiving government pension benefits.
Government Initiatives to Increase Awareness
Integration with e-Shram for seamless enrollment.
SMS campaigns for targeted outreach.
Awareness programs in collaboration with State/UT authorities.
Advantages of PM-SYM
Guaranteed pension of ₹3,000/month.
Government co-contribution ensures financial security.
Easy enrollment and low contribution.
Family pension benefits for spouse.
Revival options help workers facing economic difficulties.
Challenges & Concerns
Low Awareness & Enrollment: Many unorganised workers are unaware of the scheme.
Limited Digital Access: Many rural workers lack access to CSCs or digital platforms.
Financial Constraints: Some workers find it difficult to contribute regularly.
Exit Provisions Confusion: Many subscribers do not fully understand refund and exit policies.
Way Forward
Enhancing Digital Literacy: Conduct training sessions on e-Shram and digital banking.
Simplifying Exit Provisions: Provide clear guidance on refund policies and pension claims.
Expanding Contribution Flexibility: Allow seasonal workers to contribute quarterly or annually.
Strengthening Awareness Programs: Use social media, local events, and radio promotions.
Conclusion
The Pradhan Mantri Shram Yogi Maandhan (PM-SYM) Scheme is a significant step towards ensuring social security for unorganised sector workers. While recent enhancements have improved accessibility, further efforts are needed to increase awareness, simplify contributions, and enhance digital integration. The government’s commitment to financial inclusion must continue, ensuring maximum enrollment and lifelong security for the informal workforce.
MCQs for UPSC CSE
1. Which ministry administers the PM-SYM scheme? A) Ministry of Finance
B) Ministry of Labour and Employment
C) Ministry of Rural Development
D) Ministry of Social Justice
Answer: B) Ministry of Labour and Employment
2. What is the monthly pension provided under PM-SYM? A) ₹2,500
B) ₹3,000
C) ₹4,000
D) ₹5,000
Answer: B) ₹3,000
3. What is the maximum age for enrollment in PM-SYM? A) 50 years
B) 40 years
C) 45 years
D) 35 years
Answer: B) 40 years
4. Which organization manages the PM-SYM pension fund? A) Reserve Bank of India (RBI)
B) Employees' Provident Fund Organisation (EPFO)
C) Life Insurance Corporation (LIC)
D) State Bank of India (SBI)
Answer: C) Life Insurance Corporation (LIC)
5. Which portal is integrated with PM-SYM for wider reach? A) Udyam Portal
B) DigiLocker
C) e-Shram
D) PM-KISAN
Answer: C) e-Shram
Mains Question for UPSC CSE
Discuss the significance of the Pradhan Mantri Shram Yogi Maandhan (PM-SYM) Scheme in providing social security to unorganised workers. Identify the key challenges in its implementation and suggest measures to improve its effectiveness. (250 words).
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