MOCK Q.408-With reference to the Pradhan Mantri Shram Yogi Maan-dhan Yojana, consider the following statements :

MOCK Q.408- FRAMED FROM "THE HINDU"

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Q. With reference to the Pradhan Mantri Shram Yogi Maan-dhan Yojana, consider the following statements :

1. Spouse will not be entitled to receive pension in case of death

2. Workers covered under the Employees’ Provident Fund Organisation will not be entitled to pension

3. It is 100% funded by the Union government

Select the correct answer using the codes given below :

A) 1 & 3

B) 2 & 3

C) Only 2

D) 1 & 2

Ans. C

•   The unorganised sector workers, with income of less than Rs 15,000 per month and who belong to

the entry age group of 18-40 years, will be eligible for the scheme.

   

•   Those workers should not be covered under New Pension Scheme (NPS), Employees’ State Insurance

Corporation (ESIC) scheme or Employees’ Provident Fund Organisation (EPFO).

•   He or she should not be an income tax payer.

The workers of unorganised sector can be home based workers, street vendors, mid-day meal workers, head

loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, rickshaw pullers,

landless labourers, own account workers, agricultural workers, construction workers, beedi workers,

handloom workers, leather workers, audio- visual workers and similar other occupations.

Benefits under Pradhan Mantri Shram Yogi Maan-dhan Yojana

Minimum Assured Pension: Each subscriber under the scheme will receive minimum assured pension of

Rs 3000 per month after attaining the age of 60 years.

In case of death during receipt of pension: If the subscriber dies during the receipt of pension, his

or her spouse will be entitled to receive 50 percent of the pension as family pension. This family

pension is applicable only to spouse.

In case of death before the age of 60 years: If a beneficiary has given regular contribution and dies

before attaining the age of 60 years, his or her spouse will be entitled to continue the scheme

subsequently by payment of regular contribution or may even exit the scheme.

Equal contribution by the Central Government: Under the PM-SYM, the prescribed age-specific

contribution by the beneficiary and the matching contribution by the Central Government will be made on

a ‘50:50 basis’.