PM-SYM: In India, many individuals do not have stable jobs, including street vendors, laborers, and small shopkeepers. They also lack a reliable retirement plan. To fill this void, the government has introduced the Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM). This pension scheme allows both you and the government to contribute small sums of money to secure a steady income during your retirement.
Who can join in?
This scheme is designed for those in the unorganized sector, not for salaried employees. Eligibility is limited to individuals aged between 18 and 40 who earn up to Rs 15,000 monthly. It is specifically for those who are not part of the EPFO or any other pension systems.
What will you get after retirement?
The primary advantage of this scheme is that once you turn 60, you will receive a monthly pension of Rs 3,000. Notably, the government matches your monthly contributions. In the event of a member’s death, their spouse can either continue the scheme or opt for a reduced family pension.
How much money will have to be paid every month?
Your monthly contribution will vary based on your age when you enroll in the scheme. If you start at 18, your contribution will be around Rs 50–60 per month. However, if you join at 40, this amount could rise to about ₹200 monthly. You are required to keep making these contributions until you reach the age of 60.
How to apply?
Enrolling in this scheme is straightforward, although most of the process is done offline. You will need to visit your nearest Common Service Center (CSC) with your Aadhaar card and bank account details. There, you will be registered, and an auto-debit will be established to automatically withdraw funds each month. Subsequently, you will receive a pension card.
This scheme is only advantageous if you consistently make your contributions. If you decide to stop payments midway, you can withdraw, but you will not receive the full benefits. Additionally, the pension is fixed at Rs 3,000, which may be subject to reduction in the future due to inflation.