Pradhan Mantri Shram Yogi Maan-dhan Pension Scheme PM-SYM

Overview

Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) is a central government voluntary pension scheme for unorganized sector workers. Administered by the Ministry of Labour and Employment, it guarantees a monthly pension of Rs. 3,000 after the subscriber reaches 60 years of age.

The scheme is enrollment-based and relies on a matching contribution model, where the government contributes an equal amount to what the worker contributes monthly.

Objective

The scheme aims to provide old-age social security to crores of unorganized workers in India, including street vendors, construction workers, domestic helpers, rickshaw pullers, and agricultural laborers. It provides a predictable retirement income for workers who have no formal pension coverage.

Benefits

• Monthly pension of Rs. 3,000 per month after age 60
• Government matches the subscriber’s monthly contribution
• In case of death, spouse receives 50% of the pension as family pension
• On exit before 60, subscriber receives their contributions with savings bank interest
• Low monthly contribution amounts starting from Rs. 55 per month

Eligibility

• Unorganized sector worker aged between 18 and 40 years
• Monthly income must not exceed Rs. 15,000 per month
• Must not be a member of EPFO, ESIC, or NPS (government funded)
• Must not be an income tax payer
• Should have a savings bank account and Aadhaar card

Exclusions

• Organized sector workers covered under EPFO, ESIC, or NPS
• Workers earning above Rs. 15,000 per month
• Income tax payers
• Government employees
• Workers who are already 40 or above at the time of enrollment

Application Process

1. Visit the nearest Common Service Centre (CSC) or enroll via PM-SYM portal
2. Provide Aadhaar card and savings bank account details
3. Complete the self-certification regarding income and sector
4. Choose entry age-appropriate contribution amount
5. Auto-debit is set up from the savings bank account monthly
6. Enrollment confirmed and PM-SYM card issued to the subscriber

Documents Required

• Aadhaar card
• Savings bank account passbook or details
• Mobile number linked to Aadhaar
• Self-declaration of income and unorganized sector status
• Passport-size photograph (may be required at CSC)