In macrh 2022, the Union Labour and Employment Ministry launched the “Donate a pension” scheme under Pradhan Mantri Shram Yogi Maan Dhan Yojna(PM-SYM).
The ‘Donate-a-Pension’ program is part of various initiatives to be launched in the ‘Iconic Week’ celebrations by the Labour Ministry.
What is the scheme about?
Under this programme, workers in the unorganised sector with the age group of 18 to 40 years can register themselves and deposit a minimum of Rs 660 to 2400 every year depending on their age.
Any person can donate the premium contribution of their immediate support staff including domestic workers, drivers and helpers.
The Ministry also launched e SHRAM Portal on the UMANG app.
Over 25 crore informal sector workers involved in 400 different occupations have registered on the e-Shram portal in the country.
The PM-SYM is a 50:50 voluntary and contributory pension scheme.
Under the scheme the beneficiary makes a stipulated age-specific contribution and the Central Government matches it.
For example, if a person joins the system at the age of 29, he must give Rs 100 per month until he reaches the age of 60, at which point the Central Government would contribute an equal amount of Rs 100.
The subscriber will get the assured monthly pension of Rs.3000/- with benefit of family pension, as the case may be.
The scheme is being implemented by Life Insurance Corporation of India and CSC eGovernance Services India Limited (CSC SPV).
The Pension Fund Manager will be LIC, and they will be in charge of paying out the pensions.
The money collected under the PM-SYM pension system would be invested according to the Government of India's investment pattern.
The unorganised workers mostly engaged as home based workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, rickshaw pullers, landless labourers, own account workers and other occupations.
whose monthly income is Rs 15,000/ per month or less and belong to age group of 18 to 40.
They should not be covered under New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) scheme or Employees’ Provident Fund Organisation (EPFO).Moreover he/she should not be an income tax payer.