Pradhan Mantri Shram Yogi Maan-dhan Yojana (PM-SYM)

Table of Contents

“Pradhan Mantri Shram Yogi Maan-dhan Yojana (PM-SYM) is a government-backed pension scheme for workers in the unorganized sector. This article provides a comprehensive guide to the scheme, including its benefits, eligibility criteria, and application process.”

India’s unorganized sector, encompassing a vast workforce of rickshaw pullers, street vendors, construction workers, and more, plays a pivotal role in the nation’s economy. However, these workers often lack the benefits of social security enjoyed by those in the organized sector. Recognizing this gap, the Government of India launched the Pradhan Mantri Shram Yogi Maan-dhan Yojana (PM-SYM) in 2019. This article delves into the scheme’s nitty-gritty, empowering unorganized workers to make informed decisions about their future.

What is Pradhan Mantri Shram Yogi Maan-dhan Yojana (PM-SYM)?

PM-SYM is a voluntary and contributory pension scheme designed to provide financial security to unorganized sector workers after they reach the age of 60. Under the scheme, both the worker and the government contribute towards a monthly pension.

Pradhan Mantri Shram Yogi Maan-dhan Yojana (PMSYM) is a government-backed pension scheme launched by the Ministry of Labour and Employment, Government of India, in 2019. The scheme aims to provide social security to workers in the unorganized sector who are aged between 18 and 40 years. The PMSYM scheme offers a monthly pension of INR 3,000 to eligible workers after they reach the age of 60 years.

Eligibility Criteria:

To be eligible for the PM-SYM scheme, workers must meet the following criteria:

Age between 18 and 40 years
Monthly income of INR 15,000 or less
Not a member of any other social security scheme
Own an active bank account

Benefits of Pradhan Mantri Shram Yogi Maan-Dhan Yojana

Minimum Assured Pension: PM-SYM guarantees a minimum monthly pension of Rs.expand_more 3,000 upon reaching 60 years of age.
Government Matching Contribution: The government matches the subscriber’s monthly contribution up to a certain limit, effectively doubling the retirement corpus.
Family Pension: In case of the subscriber’s demise, the spouse becomes eligible for 50% of the pension as family pension.
Flexible Contribution: The contribution amount varies depending on the subscribe

Contribution Table under PM-SYM (as of April 12, 2024)

Age of Entry (Years)	Monthly Contribution (Rs.) by Subscriber	Government Contribution (Rs.)
18-23	54	54
24-29	63	63
30-35	81	81
36-40	100	100

Application Process:

The application process for the PMSYM scheme is simple and can be done online or offline. Here are the steps to apply for the scheme:

Visit the official website of the PMSYM scheme (https://pmsym.gov.in/)
Click on the “Register” button
Fill in the required details, including name, date of birth, mobile number, and bank account details
Submit the application
Make the first contribution

Important Points to Remember

Registration Deadline: There is no fixed deadline for enrollment.exclamation However, enrolling early allows for lower monthly contributions and a longer accumulation period.
Contribution Period: Contributions need to be made till the subscriber reaches 60 years of age.exclamation
Portability: The PM-SYM account is portable across India. If you change your location or occupation, you can continue making contributions.
Tax Benefits: Contributions made towards PM-SYM are eligible for tax deductions under Section 80CCD(1) of the Income Tax Act.

FAQs:

Who is eligible for the Pradhan Mantri Shram Yogi Maan-dhan Yojana scheme?

Workers in the unorganized sector who are aged between 18 and 40 years and have a monthly income of INR 15,000 or less are eligible for the PMSYM scheme.

How much is the monthly pension under the PMSYM scheme?

The monthly pension under the Pradhan Mantri Shram Yogi Maan-dhan Yojana scheme is INR 3,000.

How can I apply for the PM-SYM scheme?

A: You can apply for the PMSYM scheme online or offline. To apply online, visit the official website of the PMSYM scheme (https://pmsym.gov.in/) and fill in the required details. To apply offline, visit the nearest Common Service Center (CSC) or the office of the Labor Department.

Is there a nomination facility under the PMSYM scheme?

Yes, there is a nomination facility under the PMSYM scheme.

How can I make contributions to the PMSYM scheme?

You can make contributions to the PMSYM scheme through the auto-debit facility or by visiting the nearest Common Service Center (CSC) or the office of the Labor Department.

Conclusion:

Pradhan Mantri Shram Yogi Maan-dhan Yojana (PMSYM) is a government-backed pension scheme that aims to provide social security to workers in the unorganized sector. The scheme offers several benefits, including a monthly pension of INR 3,000, easy application process, and nomination facility. To be eligible for the scheme, workers must meet the age, income, and other eligibility criteria. The application process is simple and can be done online or offline. With the PMSYM scheme, workers in the unorganized sector can secure their future and enjoy a dignified life after retirement.