PM Jan Dhan Account Holders Can Get Rs 3000 Per Month, Here’s What To Do | Personal finance news
New Delhi: The Modi government had introduced a pension scheme for unorganized workers called Pradhan Mantri Shram Yogi Maan-dhan Yojna (PM-SYM) for workers in the unorganized sector so that they can enjoy protection from the old age.
PM-SYM is a voluntary and contributory pension scheme, under which the subscriber would receive a minimum insured pension of Rs 3000 per month after reaching the age of 60. If the subscriber dies while receiving a pension, the beneficiary’s spouse is entitled to 50% of the beneficiary’s income as a family pension. Only the spouse is entitled to a family pension. (Also read: Has your Aadhaar card been misused? Here’s how to find out)
Another aspect of this scheme is that PM Jan Dhan account holders can also get a pension under this scheme. Let’s take a look at the Pradhan Mantri Shram Yogi Maan-dhan Yojna and how PM Jan Dhan account subscribers can avail the benefits of the program. (Also read: SBI Internet Security Guidelines for Customers! Here are 8 quick points you need to know)
Non-unionized workers whose monthly income is Rs 15,000 per month or less and belong to the entry age group of 18-40 years are eligible for Pradhan Mantri Shram Yogi Maan-dhan. In addition, PM-SYM is not expected to be covered by the New Pension Scheme (NPS), the Employees National Insurance Society (ESIC) Scheme or the Employees Provident Fund Organization (EPFO). Moreover, he should not be a taxpayer.
Subscriber’s contributions to PM-SYM must be made through an “automatic debit” feature from their savings bank account or Jan-Dhan account. The subscriber is required to pay the prescribed contribution amount from the age of joining PM-SYM until the age of 60.
In the PM-SYM pension scheme, a basic contribution of 50:50 is paid by the beneficiary and the corresponding contribution by the central government. For example, if a person enters the scheme at the age of 29, he is required to contribute Rs 100 per month until the age of 60, an equal amount of Rs 100 will be paid by the central government.
Once the beneficiary joins the scheme at the entry age of 18-40, the beneficiary must contribute until age 60. At the age of 60, the subscriber will receive the insured monthly pension of Rs 3000 with benefit of family pension, if applicable.