Context:
Six years of Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM) completed.
PM-SYM:
- A government scheme meant for providing social security to unorganized workers
- Launched in – 2019
- Type – Central Sector Scheme
- Ministry – Ministry of Labour and Employment
- Voluntary and contributory pension scheme
- Ensures a minimum monthly pension of Rs. 3,000 after age of 60.
- Pension Fund Manager – Life Insurance Corporation of India (LIC)
- Eligibility –
- Should be an Indian Citizen
- Covers unorganised workers working as street vendors, agriculture-related work, construction site workers, workers in industries of leather, handloom, rickshaw or auto wheelers, rag picking, carpenters, fishermen, etc.
- Age group of 18-40 years
- Monthly income is below Rs. 15000 and not a member of EPFO/ESIC/NPS (Govt. funded).
- Contribution by subscriber shall be made through ‘auto-debit’ facility from savings bank account/ Jan- Dhan account.
- Family Pension – If subscriber diesduring receipt of pension, only the spouse can receive 50% of pension amount.
- If a beneficiary has given regular contribution and died before age of 60 years, his/her spouse will be entitled to continue scheme subsequently by payment of regular contribution or exit as per provisions of exit and withdrawal.
- Even if the subscriber wants to opt out of the scheme before 10 years, the share of the subscriber will be given back along with the interest amount accrued.
- Donate-a-Pension Module – Encourages employers to pay premium for their staff to increase enrolment
Source: PIB
Previous Year Question
Regarding ‘Atal Pension Yojana’, which of the following statements is/are correct?
1. It is a minimum guaranteed pension scheme mainly targeted at unorganized sector workers
2. Only one member of a family can join the scheme.
3. Same amount of pension is guaranteed for the spouse for life after subscriber’s death.
Select the correct answer using the code given below.
[UPSC Civil services Exam – 2016 Prelims]
(a) 1 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1, 2 and 3
Answer: (c)
Explanation:
Statement 2 is not correct. The scheme is open to all adults of a family.
