Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) is a government-backed pension scheme introduced by the Government of India. The scheme is designed to provide a sustainable and assured pension to the workers of the unorganized sector, who constitute the majority of the Indian workforce.
PM-SYM is primarily aimed at providing financial security to old age unorganized sector workers, whose monthly income is Rs. 15,000 or less, and who are not covered under any pension scheme. It is estimated that around 42 crore workers in the unorganized sector could benefit from this scheme.
The eligibility for the scheme is that the worker should have attained the age of 18 years and not crossed the age of 40 years. The applicant should belong to the unorganized sector, and his/her monthly income should not exceed Rs. 15,000. The registration process is simple and can be done either online or through a common service center.
Under the PM-SYM pension scheme, the subscriber will receive a minimum assured pension of Rs. 3,000 per month after attaining the age of 60 years. The family of the subscriber will also be entitled to receive the same amount in case of the death of the subscriber.
The scheme is based on a contribution made by the subscriber and the government of India. The subscriber is required to contribute between Rs. 55 and Rs. 200 per month, depending on their age. The government of India will also make a contribution equal to the contribution made by the subscriber.
The scheme provides for the flexibility to exit the scheme before the age of 60 years. In such cases, the subscriber will receive a lump-sum amount equivalent to the contribution made by the subscriber himself and the government, along with the expected interest.
The PM-SYM scheme is a welcome step towards the social security of unorganized sector workers in India. The scheme will contribute towards enhancing the social and economic well-being of the workers in this sector and help in fulfilling the government’s vision of a progressive and inclusive India.