Start investing ₹55 per month in this government scheme and get ₹36,000 pension per year
PremiumIn case of an eligible couple, the amount scales up to ₹72,000.
Here is a government programme that enables you to invest as little as ₹55 per month and get an annual pension of ₹36,000. Let's talk about the Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) in more detail.
Each member of the PM-SYM is entitled to a minimum assured pension of Rs. 3000 per month after they reach the age of 60. By that calculation, a person can get ₹36,000 per year as pension. In case of an eligible couple, the amount scales up to ₹72,000.
If the pension subscriber passes away while the beneficiary is receiving the annuity, the beneficiary's spouse is entitled to receive half of the pension as a family pension. Only the spouse is eligible for a family pension.
When an eligible beneficiary who has made regular contributions becomes permanently disabled before turning 60 years old for any reason and is unable to continue making contributions under this Scheme, his or her spouse has the option of continuing with the Plan going forward by making regular contributions as necessary or withdrawing from the Plan by receiving the share of the beneficiary's contributions deposited, plus interest as actually earned by the Pension Fund.
How much to contribute?
If you are 18, which is the lowest eligible age for entry; you have to pay ₹55 per month. Against that, the government will pay an equivalent amount. At the highest eligible age for entry, 40, you have to pay ₹200 per month and the government will pay an equivalent amount for that as well.
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Are you eligible for PM-SYM?
You must fall between the entering age range of 18 to 40 years. You must belong to the following line of employment: home-based workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, rickshaw pullers, landless labourers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio-visual workers, and similar other occupations.
You shouldn't be protected by the Employees' Provident Fund Organization (EPFO), the Employees' State Insurance Corporation, or the New Pension Scheme (NPS) (EPFO). Additionally, he or she shouldn't pay income taxes.. Also, your monthly income should be ₹15,000 or less per month.
You will need to have an Aadhaar number, a mobile phone, and a savings account. Aadhaar number, savings bank account number, or Jan-Dhan account number may be used by the qualified subscriber to enrol for PM-SYM at the closest CSCs on a self-certification basis.
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