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HomeInformativeGovernment is Giving Rs 72,000 Pension to Married Couples, Get Full Details...

Government is Giving Rs 72,000 Pension to Married Couples, Get Full Details Here

Are you married and struggling with savings? This Government scheme will help you get a pension up to Rs 72,000 annually.

Among all the saving schemes for married couples, Pradhan Mantri Shram Yogi Maan-Dhan Yojana is giving the highest pension.

All you have to do is save only Rs 200 every month. This is the lowest monthly contribution one can do and earn lump sum saving amounts in return.

However, this scheme is not for every married couples. Read the complete guidelines, eligibility criteria, how to apply, and benefits of PM-SYM here.

What is Pradhan Mantri Shram Yogi Maan-dhan?

Pradhan Mantri Shram Yogi Maandhan

PM-SYM is a voluntary and contributory scheme whereby each contributor gets the benefits covered in it. The yojana was launched by the center during the pension week event, two years ago in 2019.

Union Minister for Labour and Employment, Santosh Kumar Gangwar said that any married couple can get Rs 72,000 as an annual pension.

The contribution amount range is kept between Rs 55 to Rs 200, said Gangwar. The national pension scheme for traders and self-employed persons was the second scheme launched that year.

Around 50 percent of the country’s GDP comes from the unorganized sector and more than 40 Crore people are working in this sector.

Also Read: What is PM Jan Dhan Yojana and Who is Eligible for It?

Pradhan Mantri Shram Yogi Maandhan yojana is, thus, a financial security scheme to provide old age protection to them.

It also assures that in event of the death of either husband or wife, at least the other one has enough money for daily requirements.

Features of PM-SYM

pm sym scheme

Pradhan Mantri Shram Yogi Maan-dhan is a matching contribution of GOI. Also, the scheme is completely voluntary which means the beneficiary is not required to invest a fixed amount of money.

They can contribute voluntarily to the scheme. However, there is a limit range within which they can save money.

Another feature of PM-SYM is an assured pension amount for every month. Each beneficiary will receive a minimum of Rs 3000 after they turn 60, thus total pension amount is Rs 72,000 for a couple.

Who Can Apply Under This Scheme?

Pradhan Mantri Shram Yogi Maandhan yojana is for married couples who fall into a specific category of age and employment.

Pradhan Mantri Shram Yogi Maandhan

1. They should be working in an unorganized sector with a monthly income below Rs 15000. In other words, the applicants can be:

  • Street vendors
  • Head loaders
  • Rag pickers
  • Handloom workers
  • Rickshaw pullers
  • Agricultural workers
  • Construction and beedi workers
  • Domestic workers
  • Landless labors
  • Washer men
  • Cobblers
  • Brick klin workers, etc

2. The age of applicants should not be more than 40 years and less than 18 years

3. The monthly income limit for PM-SYM is Rs 15000. Click here to check the contribution amount as per age group.

4. They should not be an income taxpayer

5. Married couples who are working in the organized sector or getting PF, ESIC, and or NPS are not eligible for PM-SYM

6. Not entitled to any other government schemes

Benefits of Pradhan Mantri Shram Yogi Maan-Dhan

pradhan mantri shram yogi maan dhan yojana

The scheme also has benefits other than pension amounts for married couples. These are applicable in case of death or disability.

In case of death– The spouse will receive half amount of the pension that died person was eligible for. However, no other person in the family is eligible for this benefit except the spouse.

In case of disability– If any of the two could not continue with the scheme before turning 60, the second contributor should pay his contribution to remain eligible for the pension.

There is also a provision to exit the scheme in this event by taking the share of the contribution made by their disabled partner.

In this case, the withdrawn amount will either comes with total interest earned on the contribution by Pension Fund or interest earned on that amount by the bank, whichever is higher.

How to Apply for Pradhan Mantri Shram Yogi Maan-Dhan Scheme?

pm sym scheme

Step 1– Married couples who fall under the eligibility criteria can apply for this scheme through Common Services Centers in their state.

Also, make sure you have an updated Aaadhar Card and a saving bank account for registration.

Step 2– Once you meet all the necessary requirements, visit CSC and pay initial contribution money to Village Level Entrepreneur.

Step 3– A VLE will ask for necessary information and fill up an online form that also includes details of the nominee.

Step 4– You will have to fill out a form for auto debit for a monthly contribution. VLE will scan and upload the documents and generate SPAN ( shram yogi pension account number).

A shram yogi card will be given to you after the successful registration of the scheme.

What is the Monthly Contribution Limit?

pm sym scheme monthly limit

Though there is a specific range for contribution, couples can invest according to their age. Central Government will make the same amount of contribution monthly to the beneficiaries’ accounts.

For example, if beneficiary A is contributing Rs 55 (the minimum limit), his total monthly contribution would be Rs 110 including the amount paid by the government.

The highest limit is Rs 200. For a detailed contribution amount, click here.

Can I Exit Pradhan Mantri Shram Yogi Maan-Dhan Scheme?

Yes, if the monthly income of married couples increases while investing in PM-SYM then can opt out.

However, this will affect their benefits depending upon the time of leaving in the following ways:

Within 10 years – The contribution made by him along with the bank interest rate will be paid.

After 10 years- Received share will be the total contribution made by him + interest earned on it ( highest interest rate earned from Pension Fund or bank)

In case, one of the contributors (either husband or wife) stops paying continuously, then penalty charges will be applicable on the outstanding due.

Thus, beneficiaries should continue to pay their contribution to the scheme till 60 years of age to get a full pension.

For further inquiry, contact 1800 267 6888 or visit the nearest facilitation centers.

LIC offices or ESIC/EPFO offices or government labor offices are serving as facilitation centers under the scheme.

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