Modi Government Introduces Bumper Pension Scheme for Married Couples: Secure Rs 72,000 Yearly Pension with Just Rs 200 Monthly Investment

The Modi government has unveiled the Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) program. Launched by the Ministry of Labour and Employment in 2019, this initiative aims to provide financial stability to workers in the unorganized sector.

The PM-SYM initiative allows individuals engaged in different occupations, including those working from home, street vendors, mid-day meal workers, brick kiln workers, and more, to qualify if they earn a monthly income of Rs 15,000 or below. The program targets individuals falling within the age group of 18 to 40 years and who are not covered by other pension schemes such as the New Pension Scheme (NPS), Employees' State Insurance Corporation (ESIC) scheme, or Employees' Provident Fund Organisation (EPFO).

Additionally, the applicants should not be income taxpayers.

The standout feature of the PM-SYM scheme is that married couples can secure an annual income of Rs 72,000 by contributing as little as Rs 200 per month. For example, if an individual is 30 years old, their monthly contribution would be approximately Rs 100. Therefore, as a couple, they would invest Rs 200 per month. At the age of 60, after contributing Rs 1,200 per year, each individual will receive a pension of Rs 36,000 annually, resulting in a combined yearly pension of Rs 72,000.

This program guarantees a monthly pension of at least Rs 3,000 to each participant once they reach the age of 60. In case of the subscriber's demise, the spouse will be entitled to receive 50% of the pension as a family pension.

Enrollment for the Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) scheme is a straightforward process. Eligible subscribers must possess a mobile phone, a savings bank account, and an Aadhaar number. They can visit the nearest Common Service Centers (CSCs) to enroll, using their Aadhaar number and savings bank account or Jan-Dhan account number on a self-certification basis.

With the launch of this visionary pension scheme, the Modi government aims to provide financial security to individuals working in the unorganized sector, ensuring a dignified retirement for married couples. By investing a small amount each month, workers can avail themselves of the benefits of the PM-SYM scheme and enjoy a worry-free future.

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