What does SSY mean in UNCLASSIFIED
SSY (Samajik Suraksha Yojana) is a comprehensive social security scheme launched by the Government of India in 2008. The scheme aims to provide social security cover to unorganized sector workers and their families, ensuring their financial well-being in the event of contingencies such as old age, disability, or death.
SSY meaning in Unclassified in Miscellaneous
SSY mostly used in an acronym Unclassified in Category Miscellaneous that means Samajik Suraksha Yojana
Shorthand: SSY,
Full Form: Samajik Suraksha Yojana
For more information of "Samajik Suraksha Yojana", see the section below.
Key Features of SSY
- Eligibility: Open to all unorganized sector workers between the ages of 18 and 40 years.
- Contribution: Workers contribute a nominal monthly premium that varies based on their age.
- Benefits:
- Death or Disability: A lump sum payment of Rs. 2 lakh is provided to the nominee or legal heir.
- Old Age: A monthly pension of Rs. 1,000 is paid to beneficiaries after attaining the age of 60 years.
- Partial Withdrawal: Up to 50% of the accumulated corpus can be withdrawn after 5 years from the date of joining the scheme.
Implementation
The SSY scheme is implemented through the Life Insurance Corporation of India (LIC). Workers can enroll in the scheme through authorized LIC agents or at designated service centers.
Benefits of SSY
- Financial Security: Provides a financial safety net for unorganized sector workers who often lack access to formal social security benefits.
- Affordable Premiums: Low monthly premiums make the scheme accessible to even the most marginalized workers.
- Flexibility: Option for partial withdrawal allows workers to meet unforeseen financial needs during their working life.
Essential Questions and Answers on Samajik Suraksha Yojana in "MISCELLANEOUS»UNFILED"
What is Samajik Suraksha Yojana (SSY)?
Samajik Suraksha Yojana (SSY) is a social security scheme launched by the Government of India to provide financial assistance to unorganized sector workers and their families. The scheme provides a range of benefits, including pension, insurance, and micro-credit.
Who is eligible for SSY?
Any individual between the ages of 18 and 40 who is working in the unorganized sector is eligible for SSY. The unorganized sector includes workers employed in agriculture, construction, manufacturing, transportation, and other non-regular jobs.
What are the benefits of SSY?
SSY provides a range of benefits, including:
- Pension: A monthly pension of up to Rs. 5,000 after the age of 60.
- Insurance: Life insurance coverage of up to Rs. 2 lakh in case of accidental death.
- Micro-credit: Loans of up to Rs. 50,000 to help workers start small businesses.
How do I register for SSY?
To register for SSY, you can visit the nearest Common Service Center (CSC) or bank branch. You will need to provide basic information, such as your name, address, and date of birth.
What are the contribution rates for SSY?
The contribution rates for SSY vary depending on the age of the worker. Workers between the ages of 18 and 40 contribute Rs. 12 per month, while workers between the ages of 40 and 60 contribute Rs. 24 per month.
How do I make contributions to SSY?
You can make contributions to SSY through your bank account or at a CSC. You can also set up an automatic debit from your bank account to ensure that your contributions are made on time.
Final Words: SSY is a significant initiative by the Government of India to extend social security coverage to the vast unorganized sector workforce. The scheme offers peace of mind and financial protection to workers and their families, fostering their well-being and economic stability. By empowering the unorganized sector, SSY contributes to the overall growth and inclusivity of the Indian economy.
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