Married Couples Can Secure Financial Future With PM-SYM Scheme's Rs 72,000 Yearly Pension

If you're married and planning for retirement, the Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) programme introduced by the Modi government offers an attractive opportunity for reasonable returns and investment safety. Launched in 2019 by the Ministry of Labour and Employment, this pension plan aims to provide financial security to workers in the unorganised sector.

Under the PM-SYM scheme, married couples can invest as low as Rs 200 per month and receive an annual income of Rs 72,000. This scheme is designed for individuals aged between 18 and 40 years engaged in various occupations such as home-based workers, street vendors, mid-day meal workers, brick kiln workers, and more, whose monthly income is Rs 15,000 or less.

To qualify for the PM-SYM scheme, individuals should not be covered under the New Pension Scheme (NPS), Employees' State Insurance Corporation (ESIC) scheme, or Employees' Provident Fund Organisation (EPFO). Additionally, they should not be income tax payers.

By contributing a monthly amount of Rs 100 each, a couple can easily achieve the target of Rs 72,000 yearly pension. For instance, if a person is 30 years old, their monthly contribution would be around Rs 100, resulting in a combined contribution of Rs 200 per month. This equates to an annual individual contribution of Rs 1,200, and upon reaching 60 years of age, the individual will receive Rs 36,000 per year as a pension, making it a total of Rs 72,000 for the couple.

The PM-SYM scheme offers salient features such as a minimum assured pension of Rs 3,000 per month for subscribers upon reaching 60 years of age. In case of the subscriber's demise, the spouse will be entitled to receive 50 per cent of the pension as a family pension.

To enroll in the Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) Scheme, individuals need a mobile phone, a savings bank account, and an Aadhaar number. Eligible subscribers can visit the nearest Common Service Centres (CSCs) and enroll using their Aadhaar number and savings bank account or Jan-Dhan account on a self-certification basis.