Pradhan Mantri Shram Yogi Maandhan

March 6, 2025

Pradhan Mantri Shram Yogi Maandhan (PM-SYM) is pension scheme initiated by the Government of India. Launched in the Interim Budget of 2019, it aims to provide social security to unorganised sector workers. This scheme guarantees a monthly pension of ₹3,000 for eligible workers after they turn 60 years old. It addresses the needs of a vast workforce that contributes to the nation’s economy.

Context and Importance

The unorganised sector comprises workers engaged in various informal occupations.
This includes street vendors, domestic workers, and agricultural labourers.
Approximately 30.51 crore unorganised workers were registered on the e-Shram portal by the end of 2024. These workers contribute nearly 50% to India’s Gross Domestic Product (GDP).

Key Features of PM-SYM

The PM-SYM scheme offers several vital features:

Minimum Assured Pension: Beneficiaries receive ₹3,000 monthly after the age of 60.
Government Contribution: The government matches the worker’s contribution on a one-to-one basis.
Voluntary Participation: Workers can choose their contribution levels based on personal financial situations.
Family Pension: In the event of the beneficiary’s death, their spouse receives 50% of the pension as a family pension.
Exit Provisions: Participants can exit the scheme under certain conditions.
Simple Enrolment: Registration can be done at Common Service Centres (CSCs) or via the Maandhan portal.
Fund Management: The scheme is managed by the Life Insurance Corporation of India (LIC), ensuring reliability.

Eligibility Criteria

To qualify for PM-SYM, individuals must meet specific criteria:

Age Requirement: Participants must be between 18 to 40 years old.
Income Limit: Monthly earnings should not exceed ₹15,000.
Employment Status: Workers must be engaged in the unorganised sector.
Exclusion Criteria: Individuals covered under EPF, ESIC, or NPS and income taxpayers are excluded. Additionally, those receiving benefits from other government pension schemes cannot enroll.

Implementation and Administration

The Ministry of Labour and Employment administers the PM-SYM scheme. It collaborates with LIC for pension management and Common Service Centres for enrolment. This multi-agency approach ensures effective implementation and outreach to the target population.

« Previous Post Next Post »