PMSYM (Pradhan Mantri Shram-Yogi Maandhan)

Pradhan Mantri Shram-Yogi Maandhan (PMSYM) is a pension scheme launched by the Government of India in February 2019. The scheme is aimed at providing pension benefits to unorganized sector workers who have a monthly income of up to Rs 15,000 and are in the age group of 18-40 years. (Let’s see Labour Card article)

Shram Yogi Maandhan as a Central Gov Scheme

Contents hide

1 Shram Yogi Maandhan as a Central Gov Scheme

1.1 Need

1.2 Features

1.3 Eligibility Criteria

1.4 Application Procedure

2 Conclusion

Under the PMSYM scheme, the subscriber will have to contribute a certain amount to the scheme on a monthly basis, and the government will also contribute an equal amount. The scheme offers a minimum assured pension of Rs. 3000 per month after the subscriber attains the age of 60 years, and in the event of the subscriber’s death, the spouse will be entitled to receive 50% of the pension as family pension.

The PMSYM scheme is expected to benefit over 10 crore unorganized sector workers in the country, and it is a step towards providing social security to those who do not have access to any pension scheme or formal social security system.

Need

Pradhan Mantri Shram-Yogi Maandhan (PMSYM) is a government-backed pension scheme launched in India in 2019, which is aimed at providing financial security to workers in the unorganized sector.

The unorganized sector in India comprises a significant portion of the workforce, and workers in this sector do not have access to formal social security and pension schemes. They are often engaged in low-paying, informal jobs with no job security or retirement benefits.

The PMSYM scheme addresses this gap by providing a pension to workers in the unorganized sector who are between the ages of 18 and 40 and have a monthly income of up to Rs. 15,000. The scheme allows them to save for their retirement by making a monthly contribution, which is matched by the government. Upon retirement, they receive a pension of Rs. 3,000 per month.

The need for PMSYM arises from the fact that workers in the unorganized sector are vulnerable to economic shocks and face the risk of poverty in old age. The scheme helps them to secure a basic income in their retirement years and provides a sense of financial security.

Overall, PMSYM is an important initiative by the government to promote social security and financial inclusion in the unorganized sector and to address the challenges faced by workers in this sector.

Features

Pradhan Mantri Shram-Yogi Maandhan (PMSYM) is a pension scheme launched by the Government of India in 2019 for unorganized sector workers. The scheme offers a number of features, including:

Eligibility: The scheme is open to unorganized sector workers whose monthly income is Rs. 15,000 or less and who are between 18 and 40 years of age.
Pension: The scheme offers a pension of Rs. 3,000 per month after the age of 60 years.
Contribution: The subscriber has to make a monthly contribution ranging from Rs. 55 to Rs. 200, depending on their age.
Government contribution: The government will also contribute an equal amount to the subscriber’s pension account.
Nomination facility: The subscriber can nominate a person who will receive the pension in case of their death.
Portability: The scheme is portable across the country, meaning that subscribers can continue to contribute to the scheme even if they relocate to another state.
Simple enrollment process: The enrollment process is simple and can be done through the nearest Common Service Centre (CSC) or other authorized enrolment centres.

Overall, the PMSYM scheme aims to provide social security to unorganized sector workers who do not have access to formal pension schemes.

Eligibility Criteria

Pradhan Mantri Shram-Yogi Maandhan (PMSYM) is a government-backed pension scheme aimed at providing pension benefits to unorganized sector workers. The eligibility criteria for PMSYM are as follows:

Age: The applicant must be between 18 and 40 years of age.
Income: The applicant must have a monthly income of less than Rs. 15,000.
Occupation: The applicant must be working in the unorganized sector, such as street vendors, rickshaw pullers, construction workers, domestic workers, and other similar occupations.
Aadhaar Card: The applicant must have a valid Aadhaar Card.
Savings Account: The applicant must have a savings bank account in their name, which should be linked to their Aadhaar Card.

If an applicant meets the above criteria, they can apply for PMSYM through the Common Service Centre (CSC) or through the official website of the scheme.

Application Procedure

Pradhan Mantri Shram-Yogi Maandhan (PMSYM) is a pension scheme for unorganized sector workers in India, which is managed by the Ministry of Labour and Employment. The application procedure for PMSYM is as follows:

Eligibility: The applicant must be an unorganized sector worker, who is not covered under any statutory social security scheme such as the Employees’ Provident Fund (EPF), National Pension System (NPS), or Employees’ State Insurance Corporation (ESIC).
Registration: The applicant needs to visit the nearest Common Service Centre (CSC) or Pension Facilitation Centre (PFC) and fill in the registration form along with the required documents such as Aadhaar card, savings bank account passbook, and a mobile number. The CSC or PFC will charge a nominal fee for registration.
Enrollment: Once the registration is completed, the applicant will receive a Shram Yogi Pension Account Number (SYPA). The applicant needs to make a monthly contribution towards the pension scheme. The contribution amount varies based on the age of the applicant and ranges from Rs. 55 to Rs. 200 per month.
Pension: The scheme offers a pension of Rs. 3,000 per month after the age of 60 years. The pension amount is based on the contribution made by the applicant and the period of contribution.
Nomination: It is important to nominate a person who will receive the pension in case of the applicant’s death. The nomination can be done while filling the registration form or at a later stage.

Conclusion

Overall, the application procedure for PMSYM is simple and easy. Applicants can approach the nearest CSC or PFC to register for the scheme and start making monthly contributions towards their pension.