Pradhan Mantri Shram-Yogi Maandhan Yojana

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  • Prime Minister Narendra Modi launched a pension scheme called Pradhan Mantri Shram-Yogi Maandhan Yojana (PM-SYM).


  • The Scheme, Which Was announced in the union Budget in February this year, is a voluntary and contributory pension scheme for workers.
  • The Pradhan Mantri Shram-Yogi Maandhan Yojana will benefit workers in the unorganised sector who earn up to Rs. 15,000 per month.
  • The Pradhan Mantri Shram Yogi Maandhan Yojana will provide these workers an assured pension of Rs. 3,000 per month after they turn 60 years.
  • If successful, the mega pension scheme can become the world’s biggest pension scheme for the unorganised sector in the next five years.
  • This scheme is aimed at uplift of the section of society which has been ignored and left at the mercy of God.
  • According to the scheme, a worker joining the scheme at 29 years of age or above will have to contribute Rs. 100 per month while those joining at the age of 18 will have to contribute Rs.55 per month.
  • The Pradhan Mantri Shram Yogi Pension Yojana (PM-SYM) will be in addition to the life insurance scheme under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and accident insurance scheme under the Pradhan Mantri Suraksha Bima Yojana (PMSBY).
  • The scheme is meant for old age protection and social security of Unorganised Workers (UW) who are mostly engaged as rickshaw pullers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, home-based workers, own account workers, agricultural workers, construction workers,beedi workers, handloom workers, leather workers, audio- visual workers or in similar other occupations.

Eligibility Criteria:

  • Should be an unorganised worker (UW)
  • Entry age between 18 and 40 years.
  • Monthly Income Rs 15000 or below.
  • Should not be engaged in Organized Sector (membership of EPF/NPS/ESIC) or an income tax payer.
  • He/ She should possess 1. Aadhar card 2. Savings Bank Account / Jan Dhan account number with IFSC.

Contribution by the UW Subscriber:

  • Through ‘auto-debit’ facility from his/ her savings bank account/ Jan- Dhan account from the date of joining PM-SYM till the age of 60 years as per the chart below. The Central Government will also give equal matching contribution in his pension account.

Enrolment Agencies:

  • The enrolment will be carried out by all the Common Services Centres in the country.

Fund Management:

  • PM-SYM will be a Central Sector Scheme administered by the Ministry of Labour and 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.
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