Finance Minister Nirmala Sitharaman has allocated ₹ 177.24 crore for Pradhan Mantri Shram Yogi Maandhan (PM-SYM) in the interim budget, which was presented on Thursday (February 1).
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This is a voluntary pension scheme initiated for unorganised sector workers. Launched in 2019, the scheme aims to provide old-age protection.
PM-SYM is a contributory pension scheme where the beneficiary receives a minimum assured pension of ₹3,000 per month upon reaching 60 years of age. In the event of the beneficiary's death, the spouse is entitled to receive 50% of the pension as a family pension, applicable only to the spouse.
Beneficiaries aged between 18 and 40 years must make monthly contributions ranging from ₹55 to ₹200 until they reach the age of 60. Upon reaching 60, the pension can be availed, with a fixed amount deposited monthly into the beneficiary’s account.
Pradhan Mantri Shram Yogi Maandhan scheme has certain eligibility criteria. Applicants must be unorganised workers between the age groups of 18 to 40 years. Their monthly income should not exceed ₹15,000. They should not be engaged in the organised sector or income taxpayers. To apply, they must have an Aadhaar card and a savings bank account or Jan Dhan account number with IFSC.
In the financial year 2020-21, the government of India allocated ₹500 crore for the Pradhan Mantri Shram Yogi Maandhan scheme, with expenditures amounting to approximately ₹319.71 crore. In 2021-22, the fund allocation decreased to ₹400 crore, while expenditures stood at ₹324.23 crore. For the financial year 2022-23, total allocation was reduced to ₹350 crore, with expenditures reaching approximately ₹193 crore as of March 1, 2023.
As of December 31, 2022, a total of 20,70,704 males and 23,47,809 females from the unorganised sector registered under PM-SYM.
(Edited by : Sudarsanan Mani)
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