INSUBCONTINENT EXCLUSIVE:
One needs to have a mobile phone, savings bank account and Aadhaar card to avail the pension scheme.The government has started the
registration process under the PM-SYM (Pradhan Mantri Shram Yogi Maan-Dhan) scheme, reported news agency Indo-Asian News Service (IANS)
with a monthly income of up to Rs 15,000 per month, according to the labour ministry's website - labour.gov.in
How to subscribe: One needs to have a mobile phone, savings bank account and Aadhaar number to avail the benefits under the PM-SYM scheme
However, if a subscriber exits the scheme within a period of less than 10 years, the beneficiary's share of contribution only will be
returned to him/her with a savings bank interest rate, according to the labour ministry website.However, workers will not be eligible for
the scheme if they are covered under New Pension Scheme (NPS), Employees' Insurance Corporation (ESIC) scheme or Employees' Provident Fund
Further, he/she should also not be an income tax payer.2
Minimum assured pension: Each subscriber under the PM-SYM will receive a minimum assured pension of Rs 3,000 per month after attaining the
age of 60 years, according to the ministry.3
Contribution of money: The contributions under the scheme are to be made on a 50:50 basis where age-specific contribution shall be made by
the beneficiary and the matching contribution by the government
The subscriber's contributions to the pension scheme shall be made through auto-debit facility from the bank account.4
Family pension: During the receipt of pension, if the subscriber dies, the spouse of the beneficiary will receive 50 per cent of the pension
The family pension is applicable only to the spouse of the subscriber.( Government to launch farmer income support scheme on February
Untimely death: If a beneficiary has contributed regularly and dies due to any cause (before age of 60 years), his/her spouse will be
entitled to join and continue the scheme subsequently by payment of regular contribution or exit the scheme as per provisions of exit and
