Pradhan Mantri Shram Yogi Maan-dhan (PMSYM)

Government of India has launched a voluntary and contributory pension scheme for unorganised workers namely Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) to ensure old age protection for Unorganised Workers. It is a central sector scheme administered by the Ministry of Labour and Employment. The scheme is slated to cover 10 crore labourers and workers in unorganized sector.

Pradhan Mantri Shram Yogi Maan-dhan

Eligibility for enrollment

To be eligible for enrollment into the scheme, the subscriber should meet the following criteria:

  • Who is covered under the scheme: The unorganised workers mostly engaged as 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
  • Monthly Income: The monthly income of subscriber should be Rs 15,000/ per month or less
  • Age: Entry age group is 18-40 years

Features of Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM)

  • Minimum Assured Pension: Each subscriber under the PM-SYM, shall receive minimum assured pension of Rs 3000/- per month after attaining the age of 60 years
  • Family Pension: During the receipt of pension, if the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension received by the beneficiary as family pension. Family pension is applicable only to spouse
  • Enrolment Process: The subscriber will be required to have a mobile phone, savings bank account and Aadhaar number. The eligible subscriber may visit the nearest Common Services Centres (CSC eGovernance Services India Limited (CSC SPV)) and get enrolled
  • Pension Fund Manager: LIC will be the Pension Fund Manager and responsible for Pension pay out. The scheme is administered by the Ministry of Labour and Employment and implemented through Life Insurance Corporation of India and CSC eGovernance Services India Limited (CSC SPV)
  • Enrollment Agency: The enrolment will be carried out by all the Common Services Centres. The unorganised workers may visit their nearest CSC along with their Aadhar Card and Savings Bank account passbook/Jandhan account and get registered themselves for the Scheme. Contribution amount for the first month shall be paid in cash for which they will be provided with a receipt
  • Contribution by the Subscriber: The subscriber is required to contribute the prescribed contribution amount from the age of joining PM-SYM till the age of 60 years. The monthly contribution on the basis of age can be found here. The scheme is on 50:50 basis where in the matching contribution is made by the Central Government. For example, if a person enters the scheme at an age of 29 years, he is required to contribute Rs 100/ – per month till the age of 60 years an equal amount of Rs 100/- will be contributed by the Central Government.

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Tags: Pradhan Mantri Shram Yogi Maan-dhan, PMSYM

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