Private sector employees, daily wage laborers, and people doing odd jobs are always worried about their future. As long as their bodies are working and their hands are working, the household can run smoothly, but what happens after that? This is the question that confronts them. When their bodies stop working, how will they support themselves in old age? Because they don't receive a pension like government employees. However, to address this concern, the government has introduced a new scheme. Under this scheme, you need to save less than Rs 2 per day. Then your old age needs to be resolved. What is this scheme? What does it include? Let's learn more.

To address the common man's biggest concern, the Modi government has launched a remarkable scheme called the "Pradhan Mantri Shram Yogi Maandhan Yojana" (PM-SYM). The most significant feature of this scheme is that you only need to save 55 rupees per month, which is less than 2 rupees per day. You will receive a guaranteed pension of 3,000 rupees after the age of 60.

What exactly is PM SYM?

This is an excellent pension scheme from the Government of India for those working in the unorganized sector. Under this scheme, if you make a small monthly contribution based on your age, the government will provide you with a guaranteed pension of ₹3,000 per month or ₹36,000 per year for life after retirement, i.e., after the age of 60.

The government contributes an equal amount.
The biggest advantage of this scheme is that the government deposits the same amount into your pension account as you contribute each month. This means that if your premium is ₹55, the government contributes ₹55 from its own pocket to your account each month.

Who can benefit from this scheme?
This scheme is specifically designed for the common man. To benefit from this scheme, you must be between 18 and 40 years of age. Your monthly income must be ₹15,000 or less. In terms of occupation, you must be in the unorganized sector. This could include street vendors, rickshaw pullers, construction workers, tailors, cobblers, washermen, or domestic workers. You must not be a member of any other government pension/PF scheme, such as EPFO, NPS, or ESIC, and you must not pay income tax.

How much money do you need to deposit?
Your premium depends on your age at the time you join the scheme.
1. If you're investing at 18, you'll need to deposit ₹55 per month.
2. If you're investing at 29, you'll need to invest ₹200 per month.