The Pradhan Mantri Shram Yogi Maan-Dhan Yojana (PM-SYM) is a government-regulated social security scheme for workers in the unprotected sector administered by the Ministry of Labour and Employment. Subscribers can contribute to the scheme until they reach the retirement age of 60. After retirement, workers can receive up to Rs 3,000 in monthly pensions. To contribute to the scheme, the subscriber must provide an Aadhar card, a savings bank account passbook, a self-certified form, and a consent form for the auto-debit facility.

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Here are the salient features of the Pradhan Mantri Shram Yogi Maan-Dhan Yojana:

Eligibility:

People earning less than Rs 15,000 monthly and aged 18 to 40 can benefit from this scheme. These workers could be house help, street vendors, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer-men, rickshaw pullers, rural landless labourers, agricultural and construction workers, beedi, handloom, and leather workers, etc., which make up the sector.

Benefits:

The monthly pension starts at 60 and is disbursed by the scheme’s fund manager, the Life Insurance Corporation of India (LIC). The pensioner can get up to Rs 3,000 monthly based on their contributions. In the case of death, the subscriber’s spouse will receive 50 per cent of the pension amount. The spouse will automatically be the beneficiary after the subscriber’s death on producing a death certificate. PM-SYM is a guaranteed pension scheme. The most beneficial part of this scheme is that the government matches every contribution the subscriber makes. Supposing the subscriber contributes Rs. 2000 monthly, it is matched by the government by the same amount, helping to accumulate a sustainable corpus.

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If The Person Moves From Unorganised To Organised Sector

It is unusual, if not impossible, for a person to get a job in an organised sector after enrolling in the PM-SYM scheme. If a PM-SYM subscriber from an unorganised sector gets hired in an organised industry, the subscriber automatically gets enrolled into the Employees Provident Fund Organisation (EPFO). In this case, the subscriber can contribute to both schemes if they wish. However, if the subscriber moves to the organised sector, the government stops matching their contribution, which can be withdrawn. If the subscriber loses the job and returns to the unorganised sector, they can continue with the PM-SYM account.