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Pradhan Mantri Shram Yogi Maan-Dhan: Pension, Contributions And Other Details

The PM-SYM, a pension scheme for unorganized workers is being implemented for an estimated 42 crore workers in the unorganized sector.

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Pradhan Mantri Shram Yogi Maan-Dhan: Pension, Contributions And Other Details

PM-SYM is a scheme under which the subscriber gets an assured minimum monthly pension of Rs 3,000.

Prime Minister Narendra Modi launched Pradhan Mantri Shram Yogi Maan-Dhan Yojna (PM-SYM) on Tuesday. The PM-SYM, a pension scheme for unorganized workers is being implemented for an estimated 42 crore workers in the unorganized sector constituting around 85 per cent of the total labour force of the country, Ministry Of Labour & Employment said in a press release. PM-SYM has been made effective since February 15, 2019 in all states. It is a central sector scheme open to unorganised workers, whose monthly income is Rs 15,000 or below and who have an Aadhaar number as well as savings bank account. The minimum age for joining the scheme is 18 years and the maximum is 40 years, according to the release
Here are 10 things to know about Pradhan Mantri Shram Yogi Maan-Dhan Yojna (PM-SYM) Scheme:
  1. PM-SYM is a Central government scheme administered by the Ministry of Labour and Employment and implemented through Life Insurance Corporation of India and CSC eGovernance Services India Limited (CSC SPV). LIC will be the Pension Fund Manager and responsible for Pension pay out.
  2. The amount collected under PM-SYM pension scheme shall be invested as per the investment pattern specified by Government of India.
  3. PM-SYM is a voluntary and contribution based scheme under which the subscriber gets an assured minimum monthly pension of Rs 3,000 from the age of 60 years onwards.
  4. The contribution of a subscriber ranges from Rs 55- Rs 200 per month depending on his entry age which is 18 to 40. Under the scheme, the Central Government will also give matching contribution towards beneficiary's pension account. Further, it has unique feature that in case of exit, subscriber would be returned his entire contribution.
  5. The PM-SYM scheme is for unorganised workers who are 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, rural landless labourers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio- visual workers, and in similar other occupations, according to the release.
  6. The subscribers should not be covered under New Pension Scheme (NPS), Employees' State Insurance Corporation (ESIC) scheme or Employees' Provident Fund Organisation (EPFO). Further, he/she should not be an income tax payer.
  7. If a subscriber has not paid the contribution continuously then he/she will be allowed to regularize his contribution by paying entire outstanding dues, along with penalty charges, if any, decided by the government, according to labour ministry's website- labour.gov.in.
  8. Premature withdrawals and exits can be made from the scheme and in case a subscriber withdraws from the scheme within a period of less than 10 years, the beneficiary's share of contribution only will be returned to him with savings bank interest rate.
  9. The PM-SYM scheme can be subscribed by individuals at the branch offices of LIC, the offices of ESIC/EPFO and all labour offices of central and state governments.
  10. The enrolment will be carried out by all the Common Services Centres (CSC). The unorganised workers may visit their nearest CSC along with their Aadhar card and savings bank account passbook/Jandhan account and get themselves registered for the scheme, according to labour ministry.


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