Name the pension scheme that seeks to ensure old age protection for unorganised workers.
Show answer & explanation
Correct answer: D
Explanation
The correct answer is Option 4 i.e. Pradhan Mantri Shram Yogi Maandhan.
The Pradhan Mantri Shram Yogi Maandhan (PM-SYM) is a pension scheme introduced by the Government of India to offer old age protection and social security to workers in the unorganised sector.
Key Features of PM-SYM:
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Eligibility: For unorganised workers aged 18 to 40 years with a monthly income of ₹15,000 or less.
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Contribution: Workers contribute a fixed monthly amount (between ₹55 and ₹200) until the age of 60, with the government matching the contribution.
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Pension Benefits: Guaranteed monthly pension of ₹3,000 after the age of 60.
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Family Benefits: In the event of the subscriber's death, the spouse is eligible to receive 50% of the pension as a survivor benefit.
Why not the other options?
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Atal Pension Yojana (APY): Aims to provide retirement benefits for all citizens, with a focus on unorganised workers, but PM-SYM is specifically for unorganised workers.
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Pradhan Mantri Mudra Yojana (PMMY): Offers financial assistance for micro-enterprises and small businesses, not a pension scheme.
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Pradhan Mantri Suraksha Bima Yojana (PMSBY): An accidental insurance scheme that provides coverage for accidental death and disability, not for old age protection.