Q. With reference to the Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) Yojana, consider the following statements:

The entry age group for enrolment in the scheme is 21 to 40 years.
Age specific contribution shall be made by the beneficiary.
Each subscriber under the scheme shall receive a minimum pension of 3,000 per month after attaining the age of 60 years.
Family pension is applicable to the spouse and unmarried daughters.

Which of the statements given above is/are correct?

Answer: (b) 2 and 3 only

It is a Central Sector Pension Scheme launched in 2019, administered by the Ministry of Labour and Employment, and Life Insurance Corporation of India (LIC) acts as the Pension Fund Manager.
Target Beneficiaries: The scheme targets unorganised workers aged 18 to 40, such as street vendors, domestic workers, construction labourers, and agricultural workers, with a monthly income up to Rs 15,000.
Contribution: Workers are required to make monthly contributions (premium) ranging from Rs 55 to Rs 200, depending on their entry age, with the government matching their contribution.
- An unorganized sector worker joining pension yojana at the age of 29 years will have to contribute only Rs 100 per month till the age of 60 years.
- A worker joining the pension yojana at 18 years, will have to contribute as little as Rs 55 per month only.
- The Government will deposit equal matching share in the pension account of the worker every month.
Pension Benefits: The scheme promises a pension of Rs 3,000 per month after the worker turns 60. However, if the worker dies before 60, there is no lump sum payment to their family.
- In case of the subscriber’s demise, their spouse will receive 50% of the pension amount as family pension.
PM-SYM is a voluntary and contributory pension scheme that will engage as many as 42 crore workers in the unorganized sector.