Pradhan Mantri Shram Yogi Maandhan (PM-SYM) provides social security to unorganized sector workers in India, offering a minimum assured monthly pension of Rs 3,000 after the age of 60. Beneficiaries contribute a small monthly amount based on their age, with an equal matching contribution by the government.
Benefits Offer Under the Scheme
- Assured minimum monthly pension of Rs 3,000 after attaining 60 years of age.
- Government co-contributionequal to the subscriber's monthly contribution.
- Family pension benefit: In case of the subscriber's death, the spouse receives 50% of the pension (Rs 1,500 per month).
- Voluntary exit option: Subscriber can exit the scheme and receive their contribution with applicable interest/returns.
- Spouse continuation: If the subscriber dies before 60, the spouse can continue the scheme by contributing regularly.
- Life-long pension: Pension continues for the lifetime of the beneficiary after 60 years.
- Affordable contributions: Low, age-based monthly contributions starting from as little as Rs 55 per month to Rs 200 per month
Eligibility:
- Must be an unorganized sector worker (e.g., street vendors, construction workers, domestic workers, etc.).
- Age should be between18 and 40 years at the time of enrollment.
- Monthly income should be Rs 15,000 or less.
- Must possess a valid Aadhaar number linked with a mobile number.
- Should have anactive savings bank account or Jan Ohan account.
- Must not be covered under any other statutory social security scheme (such as EPF0, ESIC,orNPS).
- Must not be an income taxpayer.
Application Details:
- Visit the nearest Common Service Centre (CSC) or enrol online through authorized portals.
- Provide Aadhaar number and savings bank/Jan Ohan account details.
- Submit basic personal details such as name, age, address, and occupation.
- Initial contribution amount is calculated automatically based onthe applicant's age.
- Make the first contribution payment at the time of enrolment.
- Set up auto-debit (monthly contribution) from the bank account.
- Receive a PM-SYM card and account details after successful registration.
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