Previous Year Question
With reference to the Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) Yojana, consider the following statements:
The entry age group for enrolment in the scheme is 21 to 40 years.
Age-specific contribution shall be made by the beneficiary.
Each subscriber under the scheme shall receive a minimum pension of ₹3,000 per month after attaining the age of 60 years.
Family pension is applicable to the spouse and unmarried daughters.
Which of the statements given above is/are correct?
1, 3 and 4
2 and 3
Only 2
1, 2 and 4
Correct Answer: B
Detailed Solution
The Pradhan Mantri Shram Yogi Maan-dhan Yojana is a voluntary and contributory pension scheme for eligible workers in the unorganised sector. It was launched in 2019.
Statement 1 is incorrect. The prescribed entry age is 18 to 40 years, not 21 to 40 years.
The general eligibility conditions include:
the applicant should be an unorganised-sector worker;
monthly income should not exceed ₹15,000;
entry age should be between 18 and 40 years;
the applicant should not be covered under EPFO, ESIC or NPS; and
the applicant should not be an income-tax payer.
Statement 2 is correct. The beneficiary’s monthly contribution is determined according to the age at which the person enters the scheme. A younger entrant contributes a lower amount, whereas an older entrant contributes a higher amount.
The monthly contribution ranges approximately from ₹55 to ₹200. A person joining at the age of 18 contributes ₹55 per month, while a person joining at 40 contributes ₹200 per month. The Central Government makes an equal matching contribution.
Statement 3 is correct. After attaining the age of 60 years, the subscriber becomes entitled to an assured minimum pension of ₹3,000 per month. It is a lifelong pension intended to provide minimum old-age income security to unorganised workers.
Statement 4 is incorrect. If the subscriber dies while receiving the pension, only the surviving spouse is entitled to family pension. The spouse receives 50% of the subscriber’s pension, i.e. ₹1,500 per month. Unmarried daughters are not included as beneficiaries of this family pension.