Labour ministry launches Donate-a-Pension’ programme under Pradhan Mantri Shram Yogi Maan-Dhan Yojana.

Why in news?

• Union Minister of Labour & Employment (MoL&E), has launched ‘Donate-a-Pension’ programme under Pradhan Mantri Shram Yogi Maan-Dhan Yojana (PM-SYM) for people to contribute to the pension fund to their support staff.
• This initiative is one of the events planned by MoL&E, for the ‘Iconic Week’ celebration observed from 7th to 13th March 2022, which is a part of ‘Azadi Ka Amrit Mahotsav’- an initiative of the Government of India to celebrate and commemorate 75 years of progressive India and the glorious history of its people, culture and achievements.

About Donate-a-Pension initiative:

• An initiative under the PM-SYM pension scheme that encourages people to donate the premium contribution of their immediate support staff such as domestic workers, drivers, helpers, care givers, nurses, in their household or establishment or any other eligible unorganized workers.
• The donor can pay one year’s initial contribution in one time or for more than a one-year period.
• The donation amount for a year is minimum Rs. 660 and maximum up to Rs. 2400 depending on the age of the beneficiary.
• The minimum donation period is one year.
• The donor can donate on https://maandhan.in/ or visit their nearest Common Service Centre.

About Pradhan Mantri Shram Yogi Maan-Dhan Yojana (PM-SYM):

• A voluntary and contributory pension scheme launched in 2019, to ensure protection for unorganized workers, whose monthly income is below Rs. 15,000, age group of 18 – 40 years.
• Eligibility-They should not be engaged in Organized Sector (member of EPFO/NPS/ESIC) or an income tax payer.
• Features of PM-SYM: Each subscriber under PM-SYM shall receive,
• A Minimum Assured Pension of Rs. 3,000 per month after attaining the age of 60 years.
• If a subscriber dies during the receipt of the pension, the spouse of the beneficiary shall be entitled to receive 50% of the pension as Family Pension.