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Donate a Pension Initiative: Key Features

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.

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