Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) | Features and Eligibility
The Government of India on
February 15, 2019 launched a pension
scheme namely “Pradhan Mantri Shram Yogi Maan-dhan
(PM-SYM)” for unorganised sector workers.
This mega pension scheme was announced in the Interim Budget 2019.
PMSYM is a voluntary and contributory pension scheme and the main motive of this scheme is to let unorganised workers save towards their retirement. The scheme has resemblance of EPF scheme for the employees in the organised sector.
In this post, let’s take a look at Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) scheme.
PMSYM is a voluntary and contributory pension scheme and the main motive of this scheme is to let unorganised workers save towards their retirement. The scheme has resemblance of EPF scheme for the employees in the organised sector.
In this post, let’s take a look at Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) scheme.
Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) scheme
Pradhan Mantri Shram Yogi
Maan-dhan scheme is a voluntary and
contributory pension scheme. The PMSYM scheme is meant for old age protection
and social security of unorganised
workers.
Under this scheme, the subscriber shall receive a minimum assured pension of Rs 3000/- per month lifelong on attaining 60 years of age at Common Service Centres (CSCs) across the country.
If the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension as family pension. Please note that family pension is applicable only to spouse.
Under this scheme, the subscriber shall receive a minimum assured pension of Rs 3000/- per month lifelong on attaining 60 years of age at Common Service Centres (CSCs) across the country.
If the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension as family pension. Please note that family pension is applicable only to spouse.
List of Unorganised Workers who can avail Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) scheme
Handloom workers, rickshaw
pullers, domestic workers, street vendors, mid-day meal workers, brick kiln
workers, cobblers, rag pickers, washer men,
head loaders, home-based workers, beedi workers, own account workers,
agricultural workers, leather workers, construction workers, audio-visual workers or in similar other
occupations.
Eligibility for Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) scheme
Following category, people are eligible for Pradhan
Mantri Shram Yogi Maan-dhan scheme.
1. Entry age should be
between 18 and 40 years.
2. They should not be income tax payer.
3. Income should be Rs 15000
per month or below.
4. They should not be
engaged in organised sector with membership of NPS, ESIC scheme or EPFO.
5. They should have a savings bank account or jan dhan account number with
IFSC.
6. They should have Aadhaar number.
Features of Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) scheme
Following are the main features of Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) scheme.
1. Each subscriber
shall receive a minimum assured pension of Rs 3000/- per month lifelong
on attaining 60 years of age.
2. During the receipt of pension, if the subscriber dies, the spouse of
the beneficiary shall be entitled to receive 50% of the pension as family pension. Note that family pension is
applicable only to spouse.
3. If a subscriber has given regular
contributions and died before the age of 60 years, his/ her spouse will be allowed
to continue the scheme by payment of regular contribution or exit by receiving
the beneficiary’s contribution along with interest as actually earned by the fund or at the savings bank interest rate
whichever is higher.
4. PM-SYM is a contributory pension
scheme on a 50:50 basis where contribution made by the subscriber is age
specific and the equal contribution by the Central Government. For example, if you enter the scheme at the
age of 35 years, you are required to contribute Rs 150/ - per month till the
age of 60 years an equal amount of Rs 150/- will be contributed by the
Government of India.
5. The subscriber who has not paid the contribution continuously
he/she will be allowed to regularize his contribution by paying outstanding
dues along with penalty charges (if any).
6. Once you join the scheme, you need to
contribute till 60 years of age. On
attaining the age of 60 years, you will get the assured monthly pension of
Rs.3000/- with the benefit of family pension, as the case may be.
7. In case you exit the scheme within a
period of less than 10 years, your share
of contribution only will be returned to you with savings bank interest rate.
8. If you exit after a period of 10
years or more but before superannuation age i.e. 60 years of age, your share of
contribution along with accumulated interest as actually earned by the fund or at the savings bank interest rate
whichever is higher.
9. If the beneficiary has given regular
contributions and become permanently disabled before the age of 60 years, and
unable to continue to contribute, his/ her spouse will be entitled to continue
the scheme by payment of regular contribution or exit by receiving the
beneficiary’s contribution along with interest as actually earned by fund or at
the savings bank interest rate whichever is higher.
10. After the death of the subscriber as well as his/her spouse, the
entire corpus will be credited back to the fund.
Contribution in Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) scheme
Your contributions to PM-SYM shall be
made through ‘auto-debit’ facility from your savings bank account or jan-dhan
account. You are required to contribute the prescribed contribution amount from
the age of joining PM-SYM till the age of 60 years. Below chart showing details
of entry age-specific monthly
contribution is as under.
Enrolment process for Pradhan Mantri
Shram Yogi Maan-dhan (PM-SYM) scheme
Below is the step by step process to enroll
for Pradhan Mantri Shram Yogi Maan-dhan
(PM-SYM) scheme.
1. You need to visit neared CSC centre. Click here to locate the nearest CSC Centre.
2. While going to CSC for enrolment,
carry with you the following:
a. Aadhar Card
b. Bank Account details along with IFS
Code (Bank Passbook or Cheque Leave/book or a copy
of bank statement as evidence of bank account)
c. Mobile phone for OTP verification
d. Initial contribution amount.
3. Village Level Entrepreneur (VLE)
present at the CSC will key-in Aadhar number, name as printed on Aadhar card
and date of birth as given in Aadhar card. Then it will be will be verified
with the UDAI database.
4. Now details like your Bank Account
details, Mobile Number, Email-id (if any), spouse and nominee details will be
captured.
5. Self-certification for eligibility
conditions will be done.
6. Now the system will auto calculate your monthly contribution payable
according to your age.
7. You need to pay the amount of initial
contribution under the scheme. VLE will generate a receipt for you. At the same
time, a unique SYM number will be generated. The SYM Card will also be printed
at CSC. Enrolment Form cum Auto Debit mandate will also be printed which will
then be signed by you. VLE then scan the signed enrolment cum auto debit
mandate and upload into the system.
8. With
the completion of the process, you will get SYM card and a signed
copy of enrolment form for your record.
Who will manage Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) scheme?
Pradhan
Mantri Shram Yogi Maan-dhan scheme will
be a Central Sector Scheme. It will be administered by the Ministry of Labourand Employment and implemented through Life Insurance Corporation of India and
CSC e-Governance Services India Limited (CSC SPV). LIC will be the Pension Fund
Manager and responsible for pension pay out.
Grievance Redressal for Pradhan Mantri Shram Yogi Maan-dhan
Customer
Care number for Pradhan Mantri Shram Yogi Maan-dhan
scheme is 1800 2676 888. This customer care facility will be available 24*7. Web
portal/app will also have the facility
for registering the complaints about Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) scheme.
Also read: What is Atal Pension Yojana (APY)?
Also read: Pradhan Mantri Suraksha Bima Yojana (PMSBY)
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Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) | Features and Eligibility
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