Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM)

The Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) was launched in February 2019 by Prime Minister Narendra Modi under the Ministry of Labour and Employment. This was launched from Vatsral, Gujarat. One of the important things to know about PM-SYM is that it is the world’s largest pension scheme.

What is Pradhan Mantri Shram Yogi Maan-Dhan?

The Pradhan Mantri Shram Yogi Maan-Dhan is a pension scheme that aims to provide financial security to the unorganised work sector and the older age group in India. According to a report, there are an estimated 42 crore unorganised workers in India.

The scheme aims that the beneficiary would receive Rs. 3000 every month after the age of 60 years. Also, 50% of the pension would be given to the spouse of the beneficiary as family pension after the death of the beneficiary.

The scheme also aims at helping:

• Street vendors
• Rikshaw drivers
• Agricultural workers
• Mid-day meal workers
• Construction workers
• Head loaders
• Brick kiln workers
• Cobblers
• Rag pickers
• Beedi workers
• Handloom workers
• Leatherworkers
• Others of the unorganised sector

PM-SYM Chart of Monthly Contribution

As soon as the applicant is enrolled as a beneficiary, an auto-debit Facility is set up for his/her savings Bank account/Jan-Dhan account. This will be calculated from the day of joining the scheme till the age of 60 years.

The best thing is that the government will also make an equal contribution to the beneficiary’s pension account.

Eligibility Under PM-SYM Scheme

Mentioned below are the eligibility criteria for individuals who wish to enrol under the scheme:

1. Occupation

Anyone who wants to take benefit from the scheme has to be from the unorganised sector.

2. Age group

People between the age of 18 years and 40 years can apply for the scheme.

3. Bank account

The applicant should have a Savings Account/Jan Dhan account number with IFSC.

4. Income

People applying for the scheme should have a monthly Income of Rs. 15,000 or below.

Note: Individuals in the organised sector and are income taxpayer will not be eligible to apply for the PM-SYM Scheme.

How to Apply for Pradhan Mantri Shram Yogi Maan-Dhan?

Anyone from the unorganised sector who wishes to apply for the scheme should have a savings bank account, mobile phone and Aadhar card number.

Mentioned below are ways to enrol under the scheme-

1. Common Services Centre

Anyone from the unorganised sector can visit the nearest Common Services Centres to enrol under the PM-SYM using Aadhar Card number and savings account/Jan-Dhan account number.

Locate your nearest CSC here: locator.csccloud.in

2. PM-SYM Web Portal

Applicants can visit the portal and self-register using Aadhar Card number and savings account/Jan-Dhan account number.

3. Enrollment Agencies

The applicants can visit enrolment agencies with documents to get registered.

Withdrawal/ Exiting Rules from PM-SYM

The exit and withdrawal from this scheme are extremely flexible to safeguard the interests of the unorganised sector.

1. Exiting within less than 10 years

If the beneficiary exits the scheme within a period of fewer than 10 years, then his/her share of contribution will be returned with the savings bank interest rate.

2. Exiting after 10 years

If the beneficiary exits after 10 years, but before turning 60, their share of contribution with interest rate earned by the fund or at a savings bank rate will be given.

3. Exit due to death

If the beneficiary making regular contributions dies due to any cause, their spouse will be entitled to the scheme and the payment can be kept regular. However, if the spouse wishes to discontinue, the beneficiary’s contribution along with accumulated interest rate earned by fund or savings bank account interest rate will be given based on whichever is higher.

4. Exit due to disability

If the beneficiary making regular contributions is permanently disabled due to any cause, his/her spouse will be entitled to the scheme and the payment can be kept regular. However, if the spouse wishes to discontinue, the beneficiary’s contribution along with accumulated interest rate earned by fund or savings bank account interest rate will be given based on whichever is higher.

5. Default

Any beneficiary who fails to make regular contributions will be allowed to make regular contributions by paying the outstanding dues along with any penalty charges decided by the government.

Customer Care Number

Beneficiaries can access customer care service at 1800 2676 888. This is available 24X7. Complaints and grievances can also be addressed via the number or through the web portal/app.

Conclusion

Pradhan Mantri Shram Yogi Maan-Dhan Scheme has been helping crores of Indians. It is serving as a boon for the unorganised sector who will be entitled to complete benefits at the age of 60. The government’s initiative will prove to bring forth positive results as it helps the unorganised sector to gain financial stability while also helping them financially disciplined.