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Home Articles Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM)

Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM)

IndianMoney.com Research Team | Updated On Tuesday, June 18,2019, 11:57 AM

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Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM)

 

 

Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) is a mega pension scheme introduced by the Central Government for social security and old age protection of the unorganized workers (UWs) in India. The Ministry of Labour and Employment governs the scheme, which is expected to benefit over 42 crore UWs. The scheme is implemented through CSC eGovernance Services India Limited (CSC SPV) and Life Insurance Corporation of India (LIC) and came into effect from 15th February 2019 across India, via Common Service Centers (CSCs). LIC is responsible for country-wide pension payouts. 

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Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM)

Who are UWs?

UWs are self-employed workers or home-based workers or wage workers in the unorganized segment. They include agricultural workers, beedi workers, street vendors, construction workers, brick kiln workers, rickshaw pullers, head loaders, leather workers, washer men, mid-day meal workers, rag pickers, home-based workers, domestic workers, cobblers, own account workers, audio-visual workers, handloom workers and so on.

See Also: Atal Pension Yojana vs Pradhan Mantri Shram Yogi Maandhan Yojana 

Eligibility Criteria for PM-SYM

Not all unorganized workers are eligible to enrol under this pension plan because of the age constraint. The UWs must be in the age group of 18-40 years and the monthly income must not exceed Rs 15,000. The salaried working in the organized sector and taxpayers are not eligible for the scheme.

Required Documents

  • Savings bank account (SB Account)
  • Jan Dhan account number with IFSC
  • Aadhaar Card

Key Features of the Pension Plan

  • Subscribers get a monthly pension of Rs 3,000 after the age of 60.
  • In case of the demise of the beneficiary, his or her spouse is entitled to get a family pension of 50% of the pension amount received during the pension tenure.
  • If a subscriber, who has made regular contributions, expires before 60 for any reason, his or her spouse can continue with the scheme by making regular contributions or exit the scheme according to the provisions of withdrawal and exit.
  • Subscribers have to make a monthly contribution until they attain the age of 60 years. The government also makes monthly contributions.
  • The monthly contributions can be made through the auto-debit facility from his or her Saving Bank Account or Jan Dhan account.

Superannuation Age

Subscriber’s Monthly Contribution (Rs)

Government’s Monthly Contribution (Rs)

Overall Monthly Contribution (Rs)

2

3

4

5 = 3+4

60

55

55

110

60

58

58

116

60

61

61

122

60

64

64

128

60

68

68

136

60

72

72

144

60

76

76

152

60

80

80

160

60

85

85

170

60

90

90

180

60

95

95

190

60

100

100

200

60

105

105

210

60

110

110

220

60

120

120

240

60

130

130

260

60

140

140

280

60

150

150

300

60

160

160

320

60

170

170

340

60

180

180

360

60

190

190

380

60

200

200

400

  • If a subscriber defaults on the monthly payment, he or she can still continue with the pension scheme by paying the pending dues along with the penalty charges imposed by the government.

How to Apply?

  1. The eligible unorganized workers must visit the nearest Common Service Centre along with the requisite documents, including a valid mobile number. The IFSC code has to be printed on your SB account. Find out the closest CSC centre by visiting the EPF website.
  2. You can also visit the branch offices of ESIC, LIC, labour offices and EPFO of the state and central government to find the closest CSC centre.
  3. Fill and submit the self-certified form and the consent form for the auto-debit facility, provided at the CSC centre. The forms have to be filled by referring the Aadhaar Card and the bank passbook. Check all details carefully.

Withdrawal and Exit

  • The provisions related to exit and withdrawal has been kept simple and flexible, considering the employment nature of unorganized workers. When the scheme is terminated before 10 years, the beneficiaries will get their own contribution with interest (SB account).
  • When the Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) pension plan is withdrawn after 10 years but before 60 years, the accumulated interest and the contribution of the beneficiary would be returned.
  • If a subscriber becomes permanently disabled before the age of 60 years and is not able to make the monthly contributions, his or her spouse can retain the scheme by making the regular payments. Or, the plan can be withdrawn. In this case, the contribution of the beneficiary is credited along with the interest.

FAQs

1. Who is the Fund Manager?

LIC is the fund manager and the funds are safe.

2. Is There Any Family Pension Plan?

Yes, the pension scheme offers the provision for a family pension.

3. How Can I Resolve My Issues?

If you have any queries, you can contact the nearest Labour Welfare Office or the CSC centre to get the issues resolved.

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