Pradhan Mantri Shram Yogi Maan Dhan Yojna
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Get best assistance for easy registration on Pradhan Mantri Shram Yogi Maan-DhanYojna (PM-SYM).

Pradhan Mantri Shram Yogi Maan Dhan Yojna

Government of India has introduced a pension scheme for unorganized workers to ensure old age protection. The idea is to let workers save towards retirement. The workers in the unorganized sector with a monthly income of up to Rs 15,000 will get a pension of Rs. 3000 from the retirement age . The subscriber will have to pay a small amount of contribution during their working age. he/she should not be an income tax payer.The unorganized workers mostly engaged as home based workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, rickshaw pullers, landless labourers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio- visual workers and similar other occupations.

Government of India has introduced a pension scheme for unorganised workers to ensure old age protection.The idea is to let workers save towards retirement.

The workers in the unorganized sector with a monthly income of up to Rs 15,000 will get a pension of Rs. 3000 from the retirement age . The subscriber will have to pay a small amount of contribution during their working age. he/she should not be an income tax payer

The unorganised workers mostly engaged as home based workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, rickshaw pullers, landless labourers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio- visual workers and similar other occupations.

Features

It is a voluntary and contributory pension scheme, under which the subscriber would receive the following benefits :

 Minimum Assured Pension: Each subscriber under the PM-SYM, shall receive minimum assured pension of Rs 3000/- per month after attaining the age of 60 years.

 Family Pension: During the receipt of pension, if the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension received by the beneficiary as family pension. Family pension is applicable only to spouse.

 If a beneficiary has given regular contribution and died due to any cause (before age of 60 years), his/her spouse will be entitled to join and continue the scheme subsequently by payment of regular contribution or exit the scheme as per provisions of exit and withdrawal.

Note : Ten important points

 The monthly contribution by the worker joining the scheme would be Rs 55, with matching contributions from the government.

 The contributions would rise at higher age. The worker joining the scheme at the age of 40 years would contribute Rs 200, while workers at the age of 29 years would pay Rs 100.

 The unorganized sector worker who wishes to join the scheme shall be not less than 18 years of age and not exceeding 40 years, the notification said. The worker should also have a savings bank account in his/her name and an Aadhaar number.

 The scheme also provides that if a subscriber has given regular contributions and died due to any cause, his spouse shall be entitled to continue with the scheme subsequently by payment of regular contribution.

 The spouse can also exit the scheme by receiving the share of contribution paid by deceased subscriber along with accumulated interest.

 In case of permanent disablement of a subscriber, his or her spouse will be entitled to continue with the scheme or exit by receiving the share of contribution, with interest.

 In case of death of a pensioner, his or her spouse shall be only entitled to receive 50 per cent of the pension.

 In case subscriber exits the scheme within a period of less than 10 years, the beneficiary’s share of contribution only will be returned to him with savings bank interest rate.

 If subscriber exits after a period of 10 years or more but before superannuation age i.e. 60 years of age, the beneficiary’s share of contribution along with accumulated interest as actually earned by fund or at the savings bank interest rate whichever is higher.

 If a subscriber has not paid the contribution continuously he/she will be allowed to regularize his contribution by paying entire outstanding dues, along with penalty charges, if any, decided by the Government.

PMSYM Scheme Eligibility

Below are the eligibility of the PMSYM Yojana :

 Must be 18-40 years of age group.
 Monthly Income less than Rs 15000 per month.
 Not an Income tax payee.
 Should not be working in the Organized Sector with a membership of EPF/NPS/ESIC
 Must have a Savings Bank Account
 Should have Aadhar Number

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