Top UPSC Coaching

11 Mar 2022 Donate-a-Pension Initiative

Posted at 16:22h in Daily current-affairs by khyati khare 0 Comments

0 Likes

Recently, a ‘Pension Donation Initiative’ / ‘Donate-a-Pension’ initiative has been launched by the Ministry of Labor.

This program has been started under the ‘Pradhan Mantri Shram Yogi Maan-Dhan’ (Pradhan Mantri Shram Yogi Maan-Dhan: PM-SYM) to make people contribute to the ‘Pension Fund’ of their supporting employees.
Under this the citizens of India can contribute prominently for their immediate support staff like domestic workers drivers, helpers, caregivers, nurses in their home or establishment.

‘Pradhan Mantri Shram Yogi Maan-Dhan Yojana’ (PM-SYM) is a voluntary and contributory pension scheme on a 50:50 ratio basis, in which the beneficiary makes a prescribed age-specific contribution and the central government corresponding amount to the beneficiary’s account.
Implementation: The scheme will be monitored and supervised by ‘Ministry of Labor & Employment’ and will be implemented by Life Insurance Corporation of India and ‘Jan Seva Kendra e-Governance Services India Limited’ (CSC eGovernance Services India Limited – CSC SPV).
Eligibility: Under this scheme, workers in the age group of 18-40 years working in the unorganized sector can register themselves and deposit a minimum of Rs.660 to Rs.2400 every year depending on their age.
The beneficiary person is not covered under the benefits of ‘New Pension Scheme’ (NPS), Employees’ State Insurance Corporation (ESIC) and Employees’ Provident Fund Organization (EPFO) and should not be an income tax payer.
Benefits: Minimum assured pension of Rs.3,000 per month will be provided to the beneficiary after attaining the age of 60 years.

Unorganized workers, home workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, tanners, rag pickers, domestic workers, washer men, rickshaw pullers, Landless labourers, agricultural labourers, construction workers, beedi workers, handloom workers, leather workers, audio-video workers and other workers in similar occupations whose monthly income is Rs 15,000 or less.