The Government of India has introduced the Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM) to provide old age protection and social security for unorganized workers.
This voluntary and contributory pension scheme ensures a minimum assured pension of ₹3,000 per month upon reaching the age of 60.
Key Features of PM-SYM Pension Scheme
The PM-SYM scheme is tailored for unorganized workers, such as rickshaw pullers, street vendors, agricultural laborers, and domestic workers, among others. With an estimated 42 crore unorganized workers in India, this scheme offers significant support to a large segment of the workforce.
Eligibility Criteria:
- Age Group: 18-40 years.
- Monthly Income: Below ₹15,000.
- Exclusions: Not a member of EPFO/ESIC/NPS (Government-funded).
- Nationality: Must be an Indian citizen.
Contribution Details:
- Monthly contributions range from ₹55 to ₹200, depending on the age of entry.
- The beneficiary pays 50% of the contribution, while the Central Government matches the remaining 50%.
Enrollment Process for PM-SYM
Eligible individuals can enroll in the PM-SYM scheme through online registration or by visiting the nearest Common Service Centre (CSC). Required documents include an Aadhaar card, bank account details, and the initial contribution amount.
Upon successful enrollment, a unique Shram Yogi Pension Account Number and Shram Yogi Card are generated for the subscriber.
Contribution by the UW Subscriber:
Through an ‘auto-debit’ facility from his/ her savings bank account/Jan-Dhan account from the date of joining PM-SYM till the age of 60 years, as per the chart below. The Central Government will also give equal matching contributions to his pension account.
| Entry Age | Superannuation Age | Member’s monthly contribution (Rs) | Central Govt’s monthly contribution (Rs) | Total monthly contribution (Rs) |
| (1) | (2) | (3) | (4) | (5)= (3)+(4) |
| 18 | 60 | 55 | 55 | 110 |
| 19 | 60 | 58 | 58 | 116 |
| 20 | 60 | 61 | 61 | 122 |
| 21 | 60 | 64 | 64 | 128 |
| 22 | 60 | 68 | 68 | 136 |
| 23 | 60 | 72 | 72 | 144 |
| 24 | 60 | 76 | 76 | 152 |
| 25 | 60 | 80 | 80 | 160 |
| 26 | 60 | 85 | 85 | 170 |
| 27 | 60 | 90 | 90 | 180 |
| 28 | 60 | 95 | 95 | 190 |
| 29 | 60 | 100 | 100 | 200 |
| 30 | 60 | 105 | 105 | 210 |
| 31 | 60 | 110 | 110 | 220 |
| 32 | 60 | 120 | 120 | 240 |
| 33 | 60 | 130 | 130 | 260 |
| 34 | 60 | 140 | 140 | 280 |
| 35 | 60 | 150 | 150 | 300 |
| 36 | 60 | 160 | 160 | 320 |
| 37 | 60 | 170 | 170 | 340 |
| 38 | 60 | 180 | 180 | 360 |
| 39 | 60 | 190 | 190 | 380 |
| 40 | 60 | 200 | 200 | 400 |
Benefits of the PM-SYM Pension Scheme
- Monthly Pension: After turning 60, beneficiaries receive a monthly pension of ₹3,000.
- Family Pension: In the event of the beneficiary’s death, the spouse is entitled to 50% of the pension amount.
- Joint Benefits: If both husband and wife enroll, they can receive a combined pension of ₹6,000 per month.
| Name of the scheme | Pradhan Mantri Shram Yogi Maandhan Scheme |
|---|---|
| Website | https://maandhan.in/ |
| online registration | https://maandhan.in/auth/login |
Exit and Withdrawal Provisions
Understanding the unpredictable nature of employment for unorganized workers, the scheme offers flexible exit options. If a subscriber exits before 10 years, they receive their contribution with savings bank interest.
Exiting after 10 years but before 60 years results in the return of contributions along with the higher of either accumulated interest or savings bank interest.
In the unfortunate event of the beneficiary’s death, the spouse may continue the scheme or withdraw the accumulated contributions with interest.
Default Provisions: Subscribers who miss payments can regularize their contributions by settling outstanding dues along with any applicable penalties.
Pension Disbursement
Subscribers who have contributed consistently until the age of 60 will receive a direct bank transfer of ₹3,000 per month, along with the provision for a family pension if applicable.