The government has launched a special scheme called ‘Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM)’. This scheme ensures a guaranteed pension of ₹3,000 every month in old age with your small contribution, so that after the age of 60, you do not have to beg in front of anyone.
This scheme is a boon for millions of people who work in the unorganized sector, including street vendors, drivers, rickshaw pullers, construction workers, domestic workers, bidi workers, and agricultural laborers. Please provide us with detailed information about this scheme, including its eligibility criteria, contribution rules, and the complete application process.
What is Pradhan Mantri Shram Yogi Maandhan Yojana
PM-SYM Launched by the Government of India in February 2019, Pradhan Mantri Shram Yogi Maandhan Yojana is a voluntary and contributory pension scheme for workers in the unorganized sector. The main objective of this scheme is to provide social security to these workers by providing a minimum guaranteed pension of ₹3,000 per month after the age of 60 years.
This scheme is especially for those who face the serious problem of not having any other source of income after working age or due to physical impairment. So far, more than 46,29,664 people have joined this scheme across the country, which shows its popularity and need.
Who is eligible for PM-SYM
This scheme is for those unorganized sector workers who meet the following eligibility criteria:
Your monthly income should be ₹15,000 or less.
The age of the applicant should be between 18 years to 40 years.
It includes street vendors, drivers, rickshaw pullers, construction workers, domestic workers, bidi workers, agricultural workers, and other similar unorganized workers.
People who pay income tax are not eligible for this scheme.
Those who are members of the Employees Provident Fund Organization (EPFO), National Pension System (NPS), or Employees State Insurance Corporation (ESIC) are also not eligible for this scheme.
The government will also get an equal share
One of the most special things about this scheme is that the government also deposits an amount equal to the contribution made by you in your account. This is called Matching Contribution. The employee has to make a monthly contribution as per his wish. This contribution depends on their age.
Whatever amount is deposited by the employee, the government also deposits the same amount in that account. For example, if a worker deposits ₹ 500 per month, then the government will also deposit ₹ 500 from its side, making the total monthly deposit ₹ 1,000.
The younger you join, the less contribution
Another special thing about this scheme is that the younger you join it, the less monthly contribution you have to make, and the more benefits you get. If a person joins this scheme at the age of 18, he will have to contribute only ₹ 55 per month. While for a person aged 40, the monthly contribution becomes ₹ 200.
How to get the benefits of PM-SYM
If you are eligible for this scheme, you can apply through your nearest CSC center or the online portal.
Required documents
You will need only two main documents to join this scheme:
Aadhaar card
Savings bank account. You will also have to provide IFSC details along with your account.
Application process (through CSC)
Visit your nearest Common Service Center (CSC).
Submit the required documents (Aadhaar card, bank passbook).
The CSC operator will enter your information and take your biometric information.
After the whole process is completed, you will get your Shram Yogi Pension Account Number (SPNA) and Shram Yogi Card from the CSC itself.
Online Application (Self)
Visit the official website of the scheme https://maandhan.in/.
Click on Click Here to Apply Now
Choose the ‘Self Enrolment’ option.
Enter your mobile number, name, and email ID.
Verify through OTP.
Now enter your personal information, bank account details, and Aadhaar number.
Set the monthly contribution amount.
Choose the payment method (auto-debit mandatory).
Complete the process and download your Shram Yogi Pension Account Number and Card.