If the member dies or suffers permanent disability, the life partner can continue to pay the installment. If the member dies while receiving the pension, the participant will receive 50 per cent of the pension amount as family pension.
Malayalees are far behind when it comes to caring for the future. There are many pension schemes in the country but most of them are not enrolled.
Since social security schemes are inaccessible to most people, it may be advisable to set aside at least a small amount for life after retirement. Low-income people in the unorganized sector also have the opportunity to invest a small amount and earn a certain amount of income in the future.
It does not seem that there are people in the country who cannot afford to spend at least two rupees a day. There is a plan to get a minimum annual pension of Rs 36,000 if you set aside Rs 2 or more.
The project is PM Shram Yogi Mandhan Yojana (PMSYMY). All Indians between the ages of 18 and 40 with a monthly income of less than Rs 15,000 can join the scheme.
The procedures are simple. According to the Union Ministry of Labor, 45 lakh people have joined the scheme so far.
Also Read: RBI affirms currency notes potential corona carriers: CAIT
If you set aside Rs 2 per day
If an 18-year-old invests Rs 55 per month with Rs 2 per day, he will get a pension of Rs 3,000 per month at the age of 60. If you join the scheme at the age of 29, you will get Rs. If you join at the age of 40, you will have to deposit Rs 200 per month. The Central Government will also pay the equal share.
Anyone can join
Those who work in more than 100 sectors including load workers, agricultural workers, construction workers, handloom workers, motor vehicle workers, DTP operators, retailers and Asha-Anganwadi workers can join the scheme.
How to join?
You can join the scheme through Akshaya Kendras and Common Service Centers. Aadhaar card and bank account (also IFS code) are required. For this you need to provide a copy of the bank passbook or a copy of the account statement. Mobile number is required for OTP verification. The first contribution to the scheme can be made in cash.
If the member dies or suffers permanent disability, the life partner can continue to pay the installment. If the member dies while receiving the pension, the participant will receive 50 per cent of the pension amount as family pension. No one, including children, is entitled to a pension.
There is also an opportunity to withdraw from the scheme with conditions before the deadline. In case of such withdrawal, the amount paid till then will be refunded including interest. NPS, EPF Please note that existing members cannot join the ESI scheme.
