The Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM) is a pension scheme for unorganised sector workers launched in 2019 by the Ministry of Labour and Employment. As of February 19, 2024, over 49.86 lakh people registered for this old-age pension scheme.

The scheme caters to street vendors, domestic workers, loaders, brick kiln workers, cobblers, agricultural and construction workers, rickshaw pullers, rag pickers, sweepers, handloom and leather workers, beauticians, pottery makers, ASHA workers, SHG members, etc.

It is a voluntary contributory scheme where the subscriber can contribute monthly, quarterly, half-yearly, or annually. The monthly contributions range from Rs 55 to Rs 200.

The subscriber gets a minimum monthly assured sum of Rs 3,000 after turning 60. When the subscriber dies, the spouse gets 50 per cent of the pension amount.

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Who Are Eligible For The PM-SYM Scheme?

Workers aged 18-40 can register for the scheme and must contribute until they reach 60. Their monthly income should not exceed Rs 15,000, and they should not be a beneficiary of other government social security schemes, such as the Employees State Insurance (ESI), Employees’ Provident Fund (EPF), the National Pension System (NPS), etc., to be eligible. Also, the subscriber should not be an income taxpayer. Unlike the Atal Pension Yojana, which is also an assured pension scheme, PM-SYM is only for the unorganized sector workers.

Suppose the worker joins the organized sector and is registered under the EPFO scheme. In that case, the individual can continue with the PM-SYM scheme, but the government contribution will stop, and the subscriber will have to pay an additional amount. However, the Pradhan Mantri Shram Yogi Maandhan Yojana subscriber can withdraw the total contributions made till that time with interest.

How To Enroll And Contribute To PM-SYM?

The worker will have to visit the Common Service Centre (CSC) and provide an Aadhaar card, savings bank, or Jan Dhan account details with the IFSC code for enrollment. No income proof is required, but they could be penalized for false declarations. During registration, they must make the first contribution in cash at the CSC; after that, via the bank auto-debit facility.

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What Are Its Pension Benefits?

The scheme provides an old-age pension after turning 60. If the subscriber dies before this age, the spouse can resume contributing to the scheme for the remaining period. After that, the spouse will receive a monthly pension of Rs 3,000. If the spouse wants to withdraw the money, the total contribution will be returned with interest, the same as the savings bank account rates.

The subscribers get a unique Shram Yogi Pension Account Number (SPAN) after enrollment, which they can take a printout of in the form of a card for ready reference.