The Government of India runs several welfare schemes for the vulnerable sections of the country. The most important of these is the Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM). This scheme was designed to address the millions of people who work in the unorganized sector and lack sufficient resources for income in their old age. When workers who work hard all day long stop working in old age, the biggest concern is meeting their expenses. The objective of this scheme is to fully secure the future of unorganized workers by providing a minimum pension.
Who Can Apply
The Pradhan Mantri Shram Yogi Maandhan Yojana is designed exclusively for unorganized workers, and the rules for joining are very simple. Any worker between the ages of 18 and 40 can join this scheme. Their monthly income must not exceed ₹15,000. This scheme benefits unorganized workers, including laborers, daily wage earners, rickshaw pullers, construction workers, and domestic workers.
Monthly Contribution
The contribution amount depends on the age at which you apply. Your contribution must continue until you reach age 60. For example, if a person joins the scheme at the age of 18, they will only need to contribute ₹55 per month. The contribution amount increases as age increases; if you join at the age of 40, the monthly contribution can be up to ₹200.
The biggest advantage is that the Central Government also contributes a matching contribution to the amount deposited by the beneficiary. After reaching the age of 60, the government will provide a fixed pension of ₹3,000 per month. The sooner you join this scheme, the lower your contribution will be.
Required Documents for Application
Registration for this scheme is very easy, provided you have all the required documents. Lack of the required documents may result in rejection of the application. Therefore, have these important documents ready before applying: an Aadhaar card is the most important document for identification and verification. Additionally, an identity proof is mandatory for proof of address. Bank passbook: Bank account details are required for direct deposit of contributions and pension amounts.
An active mobile number and passport-sized photo are also required for registration. This ensures that the pension is credited to your account without any interruptions. Once all the documents are ready, you can easily apply for this scheme by visiting your nearest Common Service Center (CSC). This scheme is really a great support for workers with unstable income.