PM-SYM offers Rs 3,000/month pension from this age
For millions of workers in the unorganised sector, saving regularly for old age can be difficult due to their irregular income and a lack of formal pension coverage. To address this gap, the government introduced the Pradhan Mantri Shram Yogi Maandhan (PM-SYM) Yojana in the Interim Budget 2019, offering a simple pension option with small monthly contributions.
Who can contribute and avail pension under the Pradhan Mantri Shram Yogi Maandhan scheme?
The Pradhan Mantri Shram Yogi Maandhan (PM SYM) scheme is a voluntary, contributory pension program specifically designed for unorganised sector workers.
Any unorganised worker in the age group of 18-40 years, whose job is casual in nature, such as home-based workers, street vendors, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washerman, rickshaw pullers, rural landless labourers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, etc., with monthly income less than Rs 15,000.
Who cannot avail the Pradhan Mantri Shram Yogi Maandhan scheme?
The worker should not be covered under any statutory social security schemes such as National Pension Scheme (NPS), Employees’ State Insurance Corporation scheme and the Employees’ Provident Fund Organisation scheme and is not an income tax payee.
What is the benefit of the Pradhan Mantri Shram Yogi Maandhan scheme?
A minimum monthly pension of Rs 3,000 would be paid to any unorganised sector worker who subscribes to the scheme and makes regular contributions until the age of 60. A monthly family pension equal to half of the pension will be given to the spouse after his or her death.
After joining the scheme, the subscriber has to make the prescribed monthly contribution till the age of 60 years.
What is the contribution structure for the Pradhan Mantri Shram Yogi Maandhan scheme?
The contribution amount varies based on the age at the time of enrolment. The earlier a worker enrols, the lower the monthly contribution.
How to enrol for the Pradhan Mantri Shram Yogi Maandhan scheme
Enrolment in the PM-SYM scheme is facilitated through Common Service Centres (CSCs) across India. The steps include:
Step 1: Visit a CSC with Aadhaar and provide your savings bank account.
Step 2: Provide biometric authentication using Aadhaar.
Step 3: Fill the online registration form.
Step 4: First subscription is to be paid in cash.
Step 5: Choose the auto-debit facility from the bank account.
Step 6. Receive a PM-SYM card upon successful enrolment.
Who can contribute and avail pension under the Pradhan Mantri Shram Yogi Maandhan scheme?
The Pradhan Mantri Shram Yogi Maandhan (PM SYM) scheme is a voluntary, contributory pension program specifically designed for unorganised sector workers.
Any unorganised worker in the age group of 18-40 years, whose job is casual in nature, such as home-based workers, street vendors, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washerman, rickshaw pullers, rural landless labourers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, etc., with monthly income less than Rs 15,000.
Who cannot avail the Pradhan Mantri Shram Yogi Maandhan scheme?
The worker should not be covered under any statutory social security schemes such as National Pension Scheme (NPS), Employees’ State Insurance Corporation scheme and the Employees’ Provident Fund Organisation scheme and is not an income tax payee.
What is the benefit of the Pradhan Mantri Shram Yogi Maandhan scheme?
After joining the scheme, the subscriber has to make the prescribed monthly contribution till the age of 60 years.
What is the contribution structure for the Pradhan Mantri Shram Yogi Maandhan scheme?
The contribution amount varies based on the age at the time of enrolment. The earlier a worker enrols, the lower the monthly contribution.
How to enrol for the Pradhan Mantri Shram Yogi Maandhan scheme
Enrolment in the PM-SYM scheme is facilitated through Common Service Centres (CSCs) across India. The steps include:
Step 2: Provide biometric authentication using Aadhaar.
Step 3: Fill the online registration form.
Step 4: First subscription is to be paid in cash.
Step 5: Choose the auto-debit facility from the bank account.
Step 6. Receive a PM-SYM card upon successful enrolment.