The Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM) is a government initiative aimed at providing social security to unorganised sector workers in India. Launched in February 2019, this voluntary and contributory pension scheme ensures a monthly pension of ₹3,000 to eligible individuals upon reaching the age of 60.
To qualify for the PM-SYM, an individual must:
Be between 18 and 40 years of age.
Have a monthly income of ₹15,000 or less.
Be employed in the unorganised sector, such as street vendors, domestic workers, agricultural workers, and similar occupations.
Not be a member of EPFO, ESIC, or NPS.
Not be an income taxpayer.
Possess an Aadhaar card and a savings or Jan Dhan account linked with an active mobile number.
The monthly contribution varies based on the subscriber's age at the time of joining:
18 years: ₹55
29 years: ₹100
40 years: ₹200
The government matches the subscriber's contribution, effectively doubling the investment. For instance, if an 18-year-old contributes ₹55, the government adds an equal amount, making the total monthly contribution ₹110. This continues until the subscriber turns 60.
Monthly Pension: ₹3,000 after reaching 60 years of age.
Family Pension: If the subscriber passes away, the spouse receives 50% of the pension amount.
Joint Enrollment: If both spouses enroll, they can collectively receive ₹6,000 per month.
Eligible individuals can register for the PM-SYM through:
Common Service Centres (CSCs): Visit your nearest CSC to complete the registration process.
Online Portal: Access the official website at maandhan.in to apply.
UMANG App: Download the UMANG app on your mobile device and follow the instructions to enroll.
Ensure you have your Aadhaar card, bank account details, and mobile number ready during the registration.
Contributions must be made regularly until the age of 60.
If a subscriber discontinues payments, they can regularize their account by paying the outstanding dues along with any applicable penalties EPFO.
Subscribers can view their account statements and manage their pension details through the UMANG portal.