Married Couple Plan: Are you a married couple, and doing your retirement planning ? If yes, then Modi government’s Pradhan Mantri Shram Yogi Maan-Dhan is such a scheme which can give good returns with security on investment.
The Modi government had started a pension scheme a few years ago for the employees of the country’s informal sector . Pradhan Mantri Shram Yogi Maan-Dhan was started in 2019 by the Ministry of Labor and Employment. Under this scheme, Married Couple has to invest Rs 200 per month, due to which they will get an annual pension of Rs 72,000 after retirement.
What is Pradhan Mantri Shram Yogi Maan-Dhan Yojana?
Unorganized workers are mostly street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, rickshaw pullers, landless labourers, agricultural workers, construction workers, beedi makers, handloom workers, Engaged as leather workers, audio-visual workers and other similar occupations and having a monthly income of Rs.15,000 per month or less and in the entry age group of 18-40 years are eligible for the scheme .
These workers are not covered under New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) scheme or Employees’ Provident Fund Organization (EPFO) and they do not come under the tax net.
This is how pension can be taken under PM-SYM scheme?
Here is a simple calculation to understand how a married couple can earn an annual pension of Rs 72,000. For example, if an individual is 30 years old, the monthly contribution to the scheme would be around Rs 100 per month – thus a couple’s contribution per month would be Rs 200. In this way, the annual contribution of that couple will be Rs 2,400. After the age of 60 years, the couple will get Rs 72,000 annually as pension (Rs 72,000 annual pension for couple).
Key Features of Pradhan Mantri Shram Yogi Maan-Dhan Yojana
Minimum Assured Pension: Under PM-SYM, every subscriber will get a minimum assured pension of Rs 3,000 per month after attaining the age of 60 years.
Family Pension: If the subscriber dies while receiving the pension, the spouse of the beneficiary shall be entitled to receive 50% of the pension received by the beneficiary as family pension. Family pension is applicable only for the spouse.
How to enroll for PM-SYM scheme?
Subscriber must have mobile phone, savings bank account and Aadhaar number. Eligible subscribers can enroll for PM-SYM by visiting nearest CSC and using Aadhaar number and savings bank account/Jan-Dhan account number on self-certification basis.