Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) scheme

The Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) scheme is a pension scheme for unorganised sector workers with incomes of less than Rs. 15,000 per month. It was launched on 15 February 2019 by the Government of India.

The scheme was launched by the Ministry of Labour and Employment of the Government of India in February 2019 for poor labourers in the unorganised sector from a minimum of 18 years of age to a maximum of 40 years. The pension amount would be equal to the minimum wage applicable in the state and it will be revised every five years, based on Consumer Price Index for Industrial Workers (CPI-IW).

Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) scheme

The beneficiaries can make contributions between Rs 55-200 every month, depending on their age and the sum assured under PMSYM is Rs 3000 per month upon attaining the age of 60 years. This contribution would be matched equally by the Central government.

Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) scheme – Eligibility Criteria

The eligibility criteria are as follows:

  • The worker should be an Indian between 18 to 40 years of age.
  • The worker should have a monthly income of Rs 15,000 or less than that.
  • There is no restriction on who can contribute to their account – government, employer, family members and self-contribution.
  • The minimum contribution for opening an account is Rs 100/month. The maximum contribution limit is Rs 55,000, which can be paid in one go or in instalments.

Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) scheme – Features

It is a voluntary and contributory pension scheme, under which the subscriber would receive the following benefits :
(i)    Minimum Assured Pension: Each subscriber under the PM-SYM, shall receive a minimum assured pension of Rs 3000/- per month after attaining the age of 60 years.
(ii)   Family Pension: During the receipt of a pension, if the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension received by the beneficiary as a family pension. Family pension is applicable only to spouses.
(iii)   If a beneficiary has given regular contribution and died due to any cause (before age of 60 years), his/her spouse will be entitled to join and continue the scheme subsequently by payment of regular contribution or exit the scheme as per provisions of exit and withdrawal.

Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) scheme – Contribution

The subscriber’s contributions to PM-SYM shall be made through the ‘auto-debit’ facility from his/ her savings bank account/ Jan- Dhan account. The subscriber is required to contribute the prescribed contribution amount from the age of joining PM-SYM till the age of 60 years. The chart showing details of entry age-specific monthly contribution is as under:

Entry AgeSuperannuation AgeMember’s  monthly contribution (Rs)Central Govt’s  monthly contribution (Rs)Total monthly contribution  (Rs)
(1)(2)(3)(4)(5)= (3)+(4)
18605555110
19605858116
20606161122
21606464128
22606868136
23607272144
24607676152
25608080160
26608585170
27609090180
28609595190
2960100100200
3060105105210
3160110110220
3260120120240
3360130130260
3460140140280
3560150150300
3660160160320
3760170170340
3860180180360
3960190190380
4060200200400

Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) scheme – Enrolment Process

The subscriber will be required to have a mobile phone, savings bank account and Aadhaar number. The eligible subscriber may visit the nearest Common Services Centres (CSC eGovernance Services India Limited (CSC SPV)) and get enrolled for PM-SYM using the Aadhaar number and savings bank account/ Jan-Dhan account number on self-certification basis.

Later, a facility will be provided where the subscriber can also visit the PM-SYM web portal or can download the mobile app and self-register using Aadhar number/ savings bank account/ Jan-Dhan account number on a self-certification basis.

Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) scheme – Enrollment agencies

The enrolment will be carried out by all the Common Services Centres. The unorganised workers may visit their nearest CSC along with their Aadhar Card and Savings Bank account passbook/Jandhan account and get registered themselves for the Scheme. The contribution amount for the first month shall be paid in cash for which they will be provided with a receipt.

Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) scheme – Facilitation Centres

All the branch offices of LIC, the offices of ESIC/EPFO and all Labour offices of Central and State Governments will facilitate the unorganised workers about the Scheme, its benefits and the procedure to be followed, at their respective centres.

In this respect, the arrangements to be made by all offices of LIC, ESIC, EPFO all Labour offices of Central and State Governments are given below, for ease of reference:

1.  All LIC, EPFO/ESIC and all Labour offices of Central and State Governments may set up a “Facilitation Desk” to facilitate the unorganised workers, guide about the features of the Scheme and direct them to the nearest CSC
2.  Each desk may consist of at least one staff.
3.  They will have a backdrop, standing at the main gate and a sufficient number of brochures printed in Hindi and regional languages to be provided to the unorganised workers.
4.  Unorganised workers will visit these centres with Aadhaar Card, Savings bank account/Jandhan account and mobile phone.
5.  Help desk will have an onsite suitable sitting and other necessary facilities for these workers.
6.  Any other measures intended to facilitate the unorganised workers about the Scheme, in their respective centres.

Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) scheme – Exit and Withdrawal

Considering the hardships and erratic nature of employability of these workers, the exit provisions of the scheme have been kept flexible. Exit provisions are as under:

(i)  In case the subscriber exits the scheme within a period of fewer than 10 years, the beneficiary’s share of contribution only will be returned to him with a savings bank interest rate.
(ii)  If subscriber exits after a period of 10 years or more but before superannuation age i.e. 60 years of age, the beneficiary’s share of contribution along with accumulated interest as actually earned by the fund or at the savings bank interest rate whichever is higher.
(iii)  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 the fund or at the savings bank interest rate whichever is higher.
(iv)  If a beneficiary has given regular contributions and become permanently disabled due to any cause before the superannuation age, i.e. 60 years, and is unable to continue to contribute 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 the fund or at the savings bank interest rate whichever is higher.
(v)  After the death of the subscriber as well as his/her spouse, the entire corpus will be credited back to the fund.
(vi)  Any other exit provision, as may be decided by the Government on the advice of NSSB.

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