Pradhan Mantri Shram Yogi Maan-Dhan Yojana

In February 2019, Prime Minister Narendra Modi launched Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) under the Ministry of Labour and Employment. It was launched in Vastral, Gujarat. The largest pension scheme in the world is PM-SYM. Pradhan Mantri Shram Yogi Maan-Dhan is a central sector initiative to protect the aged and provide social security to unorganized workers (UW). This initiative aims to help around 42 crore workers in the unorganized sector of the country. 

The initiative is aimed to help workers in the unorganized sector, such as street vendors, rickshaw pullers, agricultural laborers, mid-day meal workers, construction workers, and others. After attaining the age of 60, the beneficiary would be entitled to an assured monthly pension of Rs 3000/- per month, After the beneficiary’s death, half of the pension is paid to the beneficiary’s spouse as a family pension.

Features of the PM-SYM Yojana:

• In the first five years, the program will cover 10 crore workers in the unorganized sector, making it one of the largest pension programs in the world.
• If a subscriber exists after 5 years of regular contribution payments, his entire contribution will be refunded with interest equal to savings bank rates. 
• If the subscriber exits the scheme after ten years, he or she will get both his or her contribution and accumulated interest.
• Even if the subscription has been stopped or delayed, the subscriber can activate the scheme by paying the outstanding fee with interest at a future stage. 
• The entire corpus will be credited back to the fund following the demise of the subscriber as well as his or her spouses.
• It’s important to remember that the family pension only applies to spouses.
• There are no minimum educational requirements for participation in the Scheme.
• The Scheme does not provide a loan facility.
• It is carried out by Community Service Centers (CSCs) and Life Insurance Corporation of India (LIC), the pension fund management.

Eligibility of the PM-SYM Yojana:

To be eligible for the Pradhan Mantri Shram Yogi Maan Dhan, the applicant must meet the following criteria:

• He or she must be an unorganized worker (UW) between the ages of 18 and 40.
• He or she must have a monthly salary of Rs. 15,000 or less.
• He or she must have an Aadhaar card as well as a Savings Bank Account/Jan Dhan account number with an IFSC.
• Individuals who work in the Organized Sector (membership in EPF/NPS/ESIC) and are income taxpayers are ineligible to apply for the PM-SYM Scheme.

Contribution of a Subscriber Under PM-SYM Yojana:

• Depending on the age group to which the subscriber belongs, the needed contribution ranges from Rs. 55 to Rs. 200.
• The subscriber’s contributions to PM-SYM must be made using the “auto-debit” feature from his or her savings bank account or Jan-Dhan account.
• In this scheme, the beneficiary will make the required age-specific contribution and the Central Government will match it on a “50:50 basis.”

Advantages of the PM-SYM Yojana:

• If the beneficiary dies while receiving the pension, the spouse is entitled to half of the beneficiary’s income as a family pension.
• If a beneficiary has made regular contributions and died as a result of any reason (before the age of 60), his or her spouse is allowed to join and continue the scheme subsequently by making regular contributions or quitting the scheme as per the exit and withdrawal requirements.
• They are given an assured monthly income, with each beneficiary receiving a minimum assured pension of Rs 3000/- per month after reaching the age of 60.

Application Process of the PM-SYM Yojana:

• Interested and eligible people should go to the local CSC center. The Village Level Entrepreneur (VLE) present at the CSC will enter the Aadhaar number, subscriber’s name as stated on the Aadhaar card, and date of birth as printed on the Aadhaar card, and the information will be verified with the UIDAI database.
• Additional information such as bank account information, mobile phone number, email address, if any, spouse, and nominee information will be collected.
• The eligibility conditions will be self-certified.
• The system will automatically determine the monthly payments due based on the subscriber’s age.
• The subscriber must also pay the first subscription fee in cash to the VLE, who will issue a receipt to the subscriber.
• The Enrolment Form and Auto Debit mandate will also be produced and signed by the subscriber. The signed enrollment cum auto-debit mandate will then be scanned and uploaded into the system by the VLE.
• At the same time, CSC will produce and print a unique Shram Yogi Pension Account Number and Shram Yogi Card.
• When the procedure is finished, the subscriber will get a Shram Yogi Card and a signed copy of the enrolment form for his records.
• He will also receive regular SMS notifications on the activation of auto-debit and the Shram Yogi Pension Account data.

Related Frequently Asked Question and Answers:

Q1: When was Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) launched?

Answer:  In February 2019, Prime Minister Narendra Modi launched Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) under the Ministry of Labour and Employment. It was launched in Vastral, Gujarat.

Q2: What is the pension amount given to a beneficiary after retirement under the PM SYM Yojana? 

Answer: Beneficiaries are given an assured monthly income, with each beneficiary receiving a minimum assured pension of Rs 3000/- per month after reaching the age of 60.

Q3: What is the share of the contribution made by Subscribers and the Government in the PM SYM Yojana? 

Answer: In this scheme, the beneficiary will make the required age-specific contribution and the Central Government will match it on a “50:50 basis.”

Q4: What is the Aim of the Pradhan Mantri Shram Yogi Maan-Dhan Yojana? 

Answer: Pradhan Mantri Shram Yogi Maan-Dhan is a central sector initiative established to protect the aged and provide social security to unorganized workers (UW). This initiative aims to help around 42 million workers in the country’s unorganized sector. The initiative is aimed to help workers in the unorganized sector, such as street vendors, rickshaw pullers, agricultural laborers, mid-day meal workers, construction workers, and others. 

Q5: On the death of subscribers, who can avail of the benefit of PM SYM Yojana? 

Answer: If the beneficiary dies while receiving the pension, the spouse is entitled to half of the beneficiary’s income as a family pension.