Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) Scheme for Unorganized Workers

In a significant move towards bolstering social security for unorganized workers, the Ministry of Labour & Employment introduced the Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) scheme.

Launched in February 2019, the scheme specifically targets individuals working in the informal sector with a monthly income up to Rs. 15,000 and who are not covered under any formal pension scheme.

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Aimed at offering financial stability during old age, this contributory pension scheme has garnered attention for its inclusive approach. Let’s delve into the key aspects of PM-SYM, from eligibility criteria to the application process and the myriad benefits it offers.

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

Key PointDetails
Scheme NamePradhan Mantri Shram Yogi Maan-dhan (PM-SYM)
ObjectiveProvide old age protection and social security for unorganized workers
Eligibility– Unorganized Workers (UW) – Entry Age: 18 to 40 years – Monthly Income: Up to Rs 15,000/-
Features– Assured Pension: Rs. 3000/month – Voluntary and Contributory Pension Scheme – Matching Contribution by the Government
Under Maandhan Umbrella– Pradhan Mantri Shram Yogi Maan-dhan Yojana – National Pension Scheme for Traders & Self-Employed Persons
Contribution Structure– Monthly contributions: Rs 55 to Rs 200 – Age group: 18 to 40 years – Contribution till age of 60
Default and Regularization– Default: Subscriber can regularize by paying outstanding dues and penalty charges
Pension Payout– Starts at age 60 – Assured monthly pension of Rs. 3000/- with family pension benefits if applicable
Grievance Redressal– Customer Care: – Web portal/app for complaint registration
Doubts and Clarifications– Joint Secretary & Director General (Labour Welfare) provides final clarification via email
Benefits– Minimum assured pension of Rs 3000/month at 60 – Spouse entitled to 50% in case of subscriber’s demise before 60
Exit Options– Exit before 10 years: Beneficiary’s share returned with savings bank interest – Exit after 10 years: Beneficiary’s share with accumulated interest
Permanent Disability– If subscriber becomes permanently disabled before 60, spouse can continue the scheme or exit with accumulated interest
Corpus after Death– After the death of subscriber and spouse, the entire corpus credited back to the fund
Exclusions– Income Tax Payer – Member/Beneficiary for ESIC – Member/Beneficiary for EPFO
Application Process– Online via CSCs – Aadhaar Card, Bank Account details, Initial cash contribution required – Unique Shram Yogi Pension Account Number (SPAN) generated
Documents Required– Aadhaar Card – Savings Bank Account/Jan Dhan account details with IFSC – Shram UAN Card Number (Optional)

1. Understanding PM-SYM: A Lifeline for Unorganized Workers

Pradhan Mantri Shram Yogi Maan-dhan is a contributory pension scheme falling under the Maandhan Umbrella. It specifically targets unorganized workers, acknowledging their vital contribution to the economy.

This scheme, along with others like Pradhan Mantri Shram Yogi Maan-dhan Yojana and National Pension Scheme for Traders & Self-Employed Persons, acts as a safety net for those often overlooked in the organized sector.

Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) is a social security scheme in India designed for unorganized workers. Launched by the government, it aims to provide financial assistance to those in the informal sector.

Workers aged 18 to 40 years can enroll and contribute a nominal amount, receiving a pension after reaching 60. The scheme offers a safety net for unorganized laborers, promoting their economic well-being and ensuring a dignified retirement.

2. Eligibility Criteria: Who Qualifies for PM-SYM?

To join PM-SYM, individuals must meet specific eligibility criteria:

  • Age Bracket: Entry is allowed for those between 18 to 40 years.
  • Income Limit: Monthly income should not exceed Rs 15,000.

Exclusions include income tax payers, members/beneficiaries of ESIC and EPFO.

3. Features: Building Blocks of Financial Security

PM-SYM offers a guaranteed pension of Rs. 3000 per month, establishing a foundation for financial stability during the golden years. This voluntary and contributory pension scheme involves matching contributions from the Government of India, showcasing a commitment to the welfare of unorganized workers.

  • Assured Pension: A guaranteed Rs. 3000 per month.
  • Voluntary and Contributory: Workers actively contribute to their pension fund.
  • Government Contribution: Matching contributions from the Government of India.

4. Contribution Structure: Navigating Financial Commitments

Applicants, aged 18 to 40, need to make monthly contributions ranging from Rs 55 to Rs 200 until they reach 60. A default in contributions can be rectified by paying outstanding dues along with applicable penalty charges. The pension payout commences at 60 years, ensuring a seamless transition into the post-retirement phase.

5. Grievance Redressal: Ensuring Support

In the spirit of transparency, PM-SYM provides a robust grievance redressal mechanism. A 24*7 customer care number and a dedicated web portal/app facilitate the registration of complaints. The scheme aims to address concerns promptly, enhancing the overall user experience.

6. Benefits: A Closer Look at Financial Assurance

The benefits under PM-SYM are multi-faceted:

  • Assured Pension: Minimum Rs 3000/month after turning 60.
  • Spousal Entitlement: If the applicant passes away before 60, the spouse receives 50% of the pension amount.
  • Early Exit Options: Flexibility for beneficiaries exiting the scheme before 60 with returns based on the duration of contribution.

Upon reaching 60, subscribers receive a monthly pension of Rs. 3000 through Direct Benefit Transfer (DBT) with family pension benefits.

7. Application Process: A Step-by-Step Guide

Enrolling in PM-SYM is a streamlined process. Here’s a step-by-step guide:

  • Prerequisites: Aadhaar card, savings bank account details, and initial cash contribution.
  • VLE Interaction: Village Level Entrepreneur (VLE) inputs Aadhaar details and beneficiary information.
  • Online Registration: Details like bank account, mobile number, and nominee information are captured.
  • Monthly Contribution Calculation: The system auto-calculates monthly contributions based on the beneficiary’s age.
  • Unique SPAN Generation: A Shram Yogi Pension Account Number (SPAN) is generated, and the Shram Yogi Card is printed.

8. Documents Required: Ensuring Seamless Enrollment

To facilitate a smooth enrollment process, individuals need:

  • Aadhaar Card: For authentication.
  • Bank Account Details: Savings/Jan Dhan with IFSC.
  • Shram UAN Card Number (Optional): Enhances identification.

For more details please visit Pradhan Mantri Shram Yogi Maandhan Yojana official website.

Pradhan Mantri Shram Yogi Maan-dhan emerges as a beacon of hope for unorganized workers, offering them a pathway to financial security in their twilight years.

By combining voluntary contributions, government support, and a robust grievance redressal system, PM-SYM stands as a testament to the government’s commitment to inclusive social security.


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