Donate a Pension Initiative: Key Features
Launched recently by the Labour Ministry.
Key features of the programme:
- Launched under Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) for people to contribute to the pension fund of their support staff.
- Under this, citizens can donate the premium contribution of their immediate support staff such as domestic workers, drivers, helpers etc.
- PM-SYM is a 50:50 voluntary and contributory pension scheme in which the beneficiary makes a stipulated age-specific contribution and the Central Government matches it.
- The Ministry of Labour and Employment will oversee PM-SYM, which will be implemented by Life Insurance Corporation of India and CSC eGovernance Services India Limited (CSC SPV).
- Workers working in the unorganised sector in the age group of 18-40 years can register themselves and deposit a minimum of Rs 660 to 2400 every year depending on their age.
- They should not be covered under New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) scheme or Employees’ Provident Fund Organisation (EPFO). Further, he/she should not be an income tax payer.
- After attaining the age of 60 years they will receive the minimum assured pension of Rs 3,000 per month.
