प्रधानमंत्री श्रम योगी मानधन योजना – The government of India has introduced a pension scheme for unorganized workers namely Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) to ensure old age protection for Unorganised Workers.
Beneficiaries under Scheme
The unorganized workers mostly engaged as home-based workers, street vendors, head loaders, brick kiln workers, mid-day meal workers, cobblers, rag pickers, domestic workers, construction workers, washermen, rickshaw pullers, landless laborers, own-account workers, agricultural workers, beedi workers, handloom workers, leather workers, audio-visual workers and similar other occupations whose monthly income is Rs 15,000/ per month or less and belong to the entry age group of 18-40 years can join this scheme.
They should not be covered under New Pension Scheme (NPS), the Employees’ State Insurance Corporation (ESIC) scheme, or the Employees’ Provident Fund Organisation (EPFO). Further, he/she should not be an income taxpayer.
Features of PM-SYM:
It is a voluntary and contributory pension scheme, under which the subscriber would receive the following benefits :
- Minimum Assured Pension: Each subscriber under the PM-SYM, shall receive a minimum assured pension of Rs 3000/- per month after attaining the age of 60 years.
- Family Pension: During the receipt of a pension, if the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension received by the beneficiary as a family pension. Family pension is applicable only to spouses.
- If a beneficiary has given regular contribution and died due to any cause (before age of 60 years), his/ her spouse will be entitled to join and continue the scheme subsequently by payment of regular contribution or exit the scheme as per provisions of exit and withdrawal.
Contribution by the Subscriber
The subscriber’s contributions to this yojana shall be made through the ‘auto-debit’ facility from his/ her savings bank account/ Jan- Dhan account. The subscriber is required to contribute the prescribed contribution amount from the age of joining PM-SYM till the age of 60 years. The chart showing details of entry age-specific monthly contribution is as under:
| Entry-Superannuation Age | Member’s and Central Govt’s monthly contribution (Rs) | Total monthly contribution (Rs) |
| 18-60 | 55 and 55 | 110 |
| 19-60 | 58 and 58 | 116 |
| 20-60 | 61 and 61 | 122 |
| 21-60 | 64 and 64 | 128 |
| 22-60 | 68 and 68 | 136 |
| 23-60 | 72 and 72 | 144 |
| 24-60 | 76 and 76 | 152 |
| 25-60 | 80 and 80 | 160 |
| 26-60 | 85 and 85 | 170 |
| 27-60 | 90 and 90 | 180 |
| 28-60 | 95 and 95 | 190 |
| 29-60 | 100 and 100 | 200 |
| 30-60 | 105 and 105 | 210 |
| 31-60 | 110 and 110 | 220 |
| 32-60 | 120 and 120 | 240 |
| 33-60 | 130 and 130 | 260 |
| 34-60 | 140 and 140 | 280 |
| 35-60 | 150 and 150 | 300 |
| 36-60 | 160 and 160 | 320 |
| 37-60 | 170 and 170 | 340 |
| 38-60 | 180 and 180 | 360 |
| 39-60 | 190 and 190 | 380 |
| 40-60 | 200 and 200 | 400 |
PM-SYM is a voluntary and contributory pension scheme on a 50:50 basis where prescribed age-specific contributions shall be made by the beneficiary and the matching contribution by the Central Government as per the table given below. For example, if a person enters the scheme at an age of 29 years, he is required to contribute Rs 100/ – per month till the age of 60 years an equal amount of Rs 100/- will be contributed by the Central Government.
प्रधानमंत्री श्रम योगी मानधन योजना रजिस्ट्रेशन
The subscriber will be required to have a mobile phone, savings bank account, and Aadhaar number.
The eligible subscriber may visit the nearest Common Services Centres and get enrolled for PM-SYM using the Aadhaar number and savings bank account/ Jan-Dhan account number on a self-certification basis.
Later, a facility will be provided where the subscriber can also visit the PM-SYM web portal or can download the mobile app and self-register using Aadhar number/ savings bank account/ Jan-Dhan account number on a self-certification basis.
Fund Management
PM-SYM will be a Central Sector Scheme administered by the Ministry of Labour and Employment and implemented through the Life Insurance Corporation of India and CSC eGovernance Services India Limited (CSC SPV). LIC will be the Pension Fund Manager and responsible for Pension payout. The amount collected under the PM-SYM pension scheme shall be invested as per the investment pattern specified by the Government of India.
Exit and Withdrawal:
Considering the hardships and erratic nature of employability of these workers, the exit provisions of scheme have been kept flexible. Exit provisions are as under:
(i) In case the subscriber exits the scheme within a period of fewer than 10 years, the beneficiary’s share of contribution only will be returned to him with a savings bank interest rate.
(ii) If subscriber exits after a period of 10 years or more but before superannuation age i.e. 60 years of age, the beneficiary’s share of contribution along with accumulated interest as actually earned by the fund or at the savings bank interest rate whichever is higher.
(iii) If a beneficiary has given regular contributions and died due to any cause, his/ her spouse will be entitled to continue the scheme subsequently by payment of regular contribution or exit by receiving the beneficiary’s contribution along with accumulated interest as actually earned by the fund or at the savings bank interest rate whichever is higher.
(iv) If a beneficiary has given regular contributions and become permanently disabled due to any cause before the superannuation age, i.e. 60 years, and is unable to continue to contribute under the scheme, his/ her spouse will be entitled to continue the scheme subsequently by payment of regular contribution or exit the scheme by receiving the beneficiary’s contribution with interest as actually earned by the fund or at the savings bank interest rate whichever is higher.
(v) After the death of the subscriber as well as his/her spouse, the entire corpus will be credited back to the fund.
(vi) Any other exit provision, as may be decided by the Government on the advice of NSSB.
Default of Contributions
If a subscriber has not paid the contribution continuously he/she will be allowed to regularize his contribution by paying entire outstanding dues, along with penalty charges, if any, decided by the Government.
Pension Payout
Once the beneficiary joins the scheme at the entry age of 18-40 years, the beneficiary has to contribute till 60 years of age. On attaining the age of 60 years, the subscriber will get the assured monthly pension of Rs.3000/- with the benefit of a family pension, as the case may be.
