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Question

Difficulty: EasySocial Sector Initiatives, Welfare Schemes, and Social Security Architecture

Consider the following statements regarding the Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) scheme:

1. It is a voluntary pension scheme for unorganized workers with a monthly income of ₹15,000 or less.
2. Beneficiaries receive a guaranteed minimum monthly pension of ₹3,000 upon reaching 60 years of age.

Which of the statements given above is/are correct?

  1. A
    1 only
  2. B
    2 only
  3. Both 1 and 2Answer
  4. D
    Neither 1 nor 2

Answer

Both statements 1 and 2 are correct.
Both statements are correct. The Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) scheme was launched to provide social security to unorganized workers (such as street vendors, domestic workers, and rickshaw pullers) earning ₹15,000 or less per month. Under the scheme, beneficiaries in the entry age group of 18 to 40 years contribute a matching amount alongside the Central Government, guaranteeing them a minimum pension of ₹3,000 per month after attaining 60 years of age.

Step-by-Step Solution

1
Evaluate Statement 1
Statement 1 is correct.
PM-SYM is a central sector scheme administered by the Ministry of Labour and Employment designed specifically for unorganized workers earning ₹15,000 or less per month.
2
Evaluate Statement 2
Statement 2 is correct.
Upon attaining the age of 60 years, enrolled beneficiaries receive an assured minimum pension of ₹3,000 per month.
3
Synthesize results to select the correct choice
The option selecting both statements is correct.
Since both statements independently state true facts about the scheme, the choice confirming both 1 and 2 is the correct answer.

Key Concept

Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM)
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Topics

Social Sector Initiatives, Welfare Schemes, and Social Security Architecture