PM SYM Pension Scheme: Pradhan Mantri Shram Yogi Maandhan Yojana

Government of India has introduced a pension scheme for unorganised workers namely Pradhan Mantri Shram Yogi Maandhan Yojana to ensure old age protection for Unorganised Workers. PM-SYM is a government pension scheme meant for old age protection and social security of Unorganized workers.

The PM SYM scheme is meant for old age protection and social security of Unorganised Workers (UW) who are mostly engaged as rickshaw pullers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, home-based workers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio- visual workers or in similar other occupations. There are estimated 42 crore such unorganised workers in the country.

Features: Pradhan Mantri SYM Scheme is a Social Security Welfare Scheme and it is a voluntary and contributory pension scheme, under which the subscriber would receive a minimum assured pension of Rs 3000/- per month after attaining the age of 60 years and if the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension as family pension. Family pension is applicable only to spouse.

PM Shram Yogi Maandhan Pension Yojana

• Voluntary and contributory pension scheme.
• Monthly contribution ranges from Rs.55 to Rs.200 depending upon the entry age of the beneficiary.
•  50% monthly contribution is payable by the beneficiary and equal matching contribution is paid by the Central Government.

Eligibility for PM SYM Pension Yojana

• Should be an Indian Citizen
• Unorganised Workers ( for example: working as street vendors,  agriculture labourers, construction site workers, workers in industries of leather, handloom, mid-day meal workers, rickshaw pullers or auto wheelers, rag pickers, carpenters, fisherman’s etc.)
• Age group of 18-40 years
• Monthly income is below Rs.15000 and not a member of EPFO/ESIC/NPS (Govt. funded).

Benefits of PM SYM Pension Scheme

• After attaining the age of 60 yrs, beneficiaries are entitled to receive minimum monthly assured pension of Rs.3000/-.
• On death of the beneficiary, spouse is eligible for 50% monthly pension.
• If husband and wife, both join the scheme, they are eligible for Rs. 6000/- monthly pension jointly.
• Voluntary and Contributory Pension Scheme.
• Matching Contribution by the Government of India.

Contribution by the UW Subscriber:Through ‘auto-debit’ facility from his/ her savings bank account/ Jan- Dhan account from the date of joining PM-SYM till the age of 60 years as per the chart below. The Central Government will also give equal matching contribution in his pension account.

Enrolment Process of PM SYM

A. For self enrollment through online registration,

B. For enrollment through Common Service Centre

• Interested eligible person shall visit nearest CSC centre. To locate your nearest CSC, click here.
• While going to CSC for enrolment, he shall carry with him the following :
  1. Aadhar Card
  2. Savings/Jan Dhan Bank Account details along with IFS Code ( Bank Passbook or Cheque Leave/book or copy of bank statement as evidence of bank account )
  3. Initial contribution amount in cash for enrolment under the scheme
• Village Level Entrepreneur (VLE) present at the CSC will key-in aadhar number, name of subscriber as printed on aadhar card and date of birth as given in aadhar card and the same will be verified with UIDAI database.
• Further details like Bank Account details, Mobile Number, Email-id, if any, spouse and nominee details will be captured.
• Self-certification for eligibility conditions will be done.
• System will auto calculate monthly contribution payable according to age of the subscriber.
• Subscriber shall also pay the amount of 1^st subscription in cash to the VLE who will generate receipt to be handed over to the subscriber.
• Enrolment Form cum Auto Debit mandate will also be printed which will then be signed by the subscriber. VLE then shall scan the signed enrolment cum auto debit mandate and upload into the system.
• At the same time, a unique Shram Yogi Pension Account Number will be generated and Shram Yogi Card will be printed at CSC
• With completion of process, subscriber will be having with him Shram Yogi Card and signed copy of enrolment form for his record.
• He will also receive regularly SMS on activation of auto debit and Shram Yogi Pension Account details.

Exit and Withdrawal of PM SYM

Considering the hardships and erratic nature of employability of Unorganised Workers (UW), the exit provisions of scheme have been kept flexible.

• If he/ she exits 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.
• If subscriber exits after a period of 10 years or more but before 60 years of age, the beneficiary’s share of contribution along with accumulated interest as actually earned by fund or at the savings bank interest rate whichever is higher.
• If a beneficiary has given regular contributions and died due to any cause, his/ her spouse will be entitled to continue the scheme subsequently by payment of regular contribution or exit by receiving the beneficiary’s contribution along with accumulated interest as actually earned by fund or at the savings bank interest rate whichever is higher.
• If a beneficiary has given regular contributions and become permanently disabled due to any cause before 60 years, and unable to continue under the scheme, his/ her spouse will be entitled to continue the scheme subsequently by payment of regular contribution or exit the scheme by receiving the beneficiary’s contribution with interest as actually earned by fund or at the savings bank interest rate whichever is higher.
• After the death of subscriber as well as his/her spouse, the entire corpus will be credited back to the fund.

Default: If a subscriber has not paid the contribution continuously he/she will be allowed to regularize his contribution by paying entire outstanding dues, along with penalty charges, if any, decided by the Government.

Pension Pay out: Once the beneficiary joins the scheme at the entry age of 18-40 years, the beneficiary has to contribute till 60 years of age. On attaining the age of 60 years, the subscriber will receive by DBT the assured monthly pension of Rs.3000/- with benefit of family pension, as the case may be.