Pradhan Mantri Samman Nidhi Yojana (PM-SYM) is a mega pension scheme for the unorganized sector workers launched by the Government of India in 2019. The scheme is intended to provide social security to the unorganized sector workers who don’t have any type of pension or protection.
Under the PM-SYM scheme, the beneficiary will receive a minimum pension of Rs 3,000 per month after the age of 60 years, subject to certain conditions. The pension amount can vary based on the age of entry into the scheme and the monthly contribution paid until the age of 60 years.
The scheme is open to all unorganized sector workers between the ages of 18 to 40 years who earn less than Rs 15,000 per month and do not avail of any pension scheme. The enrollment process requires Aadhaar card, savings bank account, and any one of the following – Jan Dhan account, mobile number, and an unorganized sector identification number.
The PM-SYM scheme is a contributory scheme, and both the beneficiary and the government are required to contribute to the pension fund. The beneficiary has to contribute a fixed amount between Rs 55 to Rs 200 per month, depending on their age of entry, while the government will contribute an equal amount.
The scheme was launched with the aim of providing financial security to the vulnerable section of society who often lack pension benefits and social security. The PM-SYM scheme provides financial support to the family of the beneficiary in the case of his/her death, as well as in case of permanent disability due to an accident.
In conclusion, the Pradhan Mantri Samman Nidhi Yojana is an ambitious and much-needed scheme that aims to provide a safety net to the unorganized sector workers. The scheme, which has seen steady enrolment since its launch, is expected to bring social security to millions of people who were previously excluded from pension benefits.