Description

Pradhan Mantri Shram Yogi Maandhan (PM-SYM) Scheme

The Government of India has launched the Pradhan Mantri Shram Yogi Maandhan (PM-SYM), a pension scheme aimed at providing old age financial security to unorganised sector workers. The initiative encourages workers to save for retirement, ensuring a minimum guaranteed pension after the age of 60.

What is PM-SYM?

PM-SYM is a voluntary and contributory pension scheme for unorganised workers who have a monthly income of Rs. 15,000 or less and are not income tax payers. The scheme offers a guaranteed pension of Rs. 3,000 per month after the age of 60, with a matching contribution from the Government of India.

Who Can Apply?

This scheme is designed for unorganised sector workers, including but not limited to:

• Street vendors, mid-day meal workers, domestic workers
• Agricultural and landless labourers, construction workers
• Rickshaw pullers, cobblers, washermen, rag pickers
• Beedi workers, handloom and leather workers
• Home-based workers, audio-visual workers, and more

Key Features of the PM-SYM Scheme

• ✅ Minimum Assured Pension: Receive ₹3,000/month after the age of 60.
• ✅ Government Contribution: Equal contribution from the Government matching the subscriber’s amount.
• ✅ Family Pension: In case of the subscriber’s death, the spouse receives 50% of the pension.
• ✅ Flexible Exit Rules: Exit and withdrawal permitted with refund of contributions under specific conditions.
• ✅ Spouse Continuation: In the event of death before 60, the spouse may continue the scheme or withdraw.

Monthly Contribution Details

The subscriber’s contribution is age-based:

• ₹55/month if joining at 18 years
• ₹100/month if joining at 29 years
• ₹200/month if joining at 40 years

The government contributes an equal amount to the subscriber’s pension account.

Eligibility Criteria for PM-SYM

To enrol under the scheme, the worker must:

• Be 18 to 40 years of age
• Have a monthly income below ₹15,000
• Not be an income tax payer
• Not be a member of EPFO, ESIC or NPS
• Possess a valid Aadhaar number
• Have a savings bank account

Exit and Withdrawal Provisions

• ❖ If the subscriber exits before 10 years, only the worker’s contribution is returned with savings bank interest.
• ❖ If the subscriber exits after 10 years but before 60, the total contribution with interest is returned.
• ❖ In case of permanent disability, the spouse may continue or withdraw the scheme.
• ❖ On subscriber’s death, the spouse may continue with contributions or exit and claim benefits.

Why PM-SYM is Important

Millions of Indians work in the unorganised sector without access to retirement benefits. PM-SYM bridges this gap, offering social security and dignity during old age. It empowers workers to secure their future with minimal monthly contributions.

How to Enrol

• Visit the nearest Common Service Centre (CSC)
• Carry your Aadhaar Card and Savings Bank details
• Complete biometric authentication
• Pay the first contribution in cash
• Receive enrolment details and a pension card

Need Help With Registration?

You can get free assistance at your nearest GST Suvidha Centre. Our team is trained to help you enrol under PM-SYM and resolve any issues regarding your pension benefits.

Frequently Asked Questions (FAQs)

Q1. Can I enrol if I already have an EPF account?
No, the scheme is only for unorganised workers who are not members of EPF, ESIC, or NPS.

Q2. Is the pension amount guaranteed?
Yes, a minimum assured pension of ₹3,000/month is guaranteed under this scheme.

Q3. Can my spouse receive benefits after my death?
Yes, your spouse will be eligible for 50% of the pension as family pension.

Popular Search Terms Related to PM-SYM

• PM-SYM Pension Scheme registration
• Pension scheme for unorganised workers in India
• How to apply for Pradhan Mantri Shram Yogi Maandhan Yojana
• PM-SYM eligibility and documents required
• Monthly contribution chart for PM-SYM

 

Required Documents

•  Aadhar Card
• Savings bank account/ Jan-Dhan Account with IFSC
• A valid mobile number.