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Pradhan Mantri Shram Yogi Maandhan Yojana India’s unorganised sector comprises a vast majority of the workforce, including street vendors, construction workers, domestic helpers, and agricultural labourers. Despite their significant contribution to the economy, many of these workers face financial insecurity, especially in their old age. To address this, the Government of India launched the Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM) in 2019, aiming to provide social security and financial stability to these workers.
🎯 Objective of the Scheme
The primary goal of PM-SYM is to offer a minimum assured pension of ₹3,000 per month to unorganised sector workers upon reaching the age of 60. This initiative seeks to ensure that workers who have contributed to the nation’s growth can enjoy a dignified and financially secure life post-retirement.
👥 Who Is Eligible?
To avail of the benefits under PM-SYM, an individual must meet the following criteria:
Non-eligibility: Should not be a member of EPFO, NPS, or ESIC, and must not be an income taxpayer.
Age: Between 18 and 40 years.
Income: Monthly income should be ₹15,000 or less.
Employment: Must be employed in the unorganised sector.
💰 Contribution Details
The scheme operates on a 50:50 contribution model, where both the subscriber and the government contribute equally. The monthly contribution varies based on the subscriber’s age at the time of joining:
| Age at Entry | Monthly Contribution (₹) | Total Monthly Contribution (₹) |
|---|---|---|
| 18 | 55 | 110 |
| 19 | 58 | 116 |
| 20 | 61 | 122 |
| … | … | … |
| 40 | 200 | 400 |
Note: The government matches the subscriber’s contribution, effectively doubling the investment in the pension fund.
📝 How to Enrol?
Enrolment for PM-SYM can be done through Common Service Centres (CSCs) across India. The process involves:
- Visiting the nearest CSC with the necessary documents.
- Providing Aadhaar card, bank account details, and a mobile number.
- Making the first month’s contribution in cash.
- Receiving a unique Shram Yogi Card and a Pension Number.
- Activation of auto-debit for subsequent contributions.
🏠 Family Pension
In the unfortunate event of the subscriber’s demise, the spouse is entitled to receive 50% of the pension amount as a family pension, ensuring continued financial support.
🚪 Exit Provisions
Subscribers have the flexibility to exit the scheme under certain conditions:
- Before 10 years: The accumulated amount is refunded with interest at the savings bank account rate.
- After 10 years but before 60: The accumulated amount along with interest is refunded.
- In case of disability or death: The spouse can continue the scheme by paying the required contributions.
✅ Why It Matters
PM-SYM is more than just a pension scheme; it’s a step towards financial inclusion and social justice. By providing a safety net for the unorganised sector, the government ensures that workers who have spent their lives contributing to the economy can retire with dignity and financial security.
Empowering India’s workforce, one pension at a time.
Understanding the Post Office Monthly Income Scheme (POMIS)
