Know About Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) Pension Scheme

Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) is a government-sponsored voluntary and contributory pension scheme for unorganised workers. The pension scheme admits unorganised workers in the age group of 18-40 years with a monthly income up to Rs. 15,000, and offers a minimum guaranteed pension of Rs. 3,000 a month after the subscriber turns 60, according to pension regulator EPFO’s website – epfindia.gov.in. The worker subscribing to PM-SYM should not be covered under any statutory social security scheme such as National Pension Scheme (NPS), Employees’ State Insurance Corporation scheme and Employees’ Provident Fund Organization Scheme, among other requirements, according to the EPFO or Employees’ Provident Fund Organisation.

Here are key features to know about the pension scheme PM-SYM (Pradhan Mantri Shram Yogi Maan-Dhan):

Who can subscribe to PM-SYM?

Unorganised workers including home-based workers, street vendors, brick kiln workers, cobblers, landless labourers, agricultural workers and construction workers not liable to pay income tax can subscribe to the PM-SYM pension scheme, according to the EPFO website.

The applicant should be in the age bracket of 18-40 years and not have a monthly income of more than Rs. 15,000, according to the regulator.

Benefits of PM-SYM Yojana

After making regular contributions to the scheme till attaining the age of 60 years, the subscriber gets a minimum monthly pension of Rs. 3,000. In the event of death of the subscriber, the spouse receives a monthly pension of an amount equal to 50 per cent of the subscriber’s pension.

Number of contribution years

PM-SYM Yojana requires the subscriber to contribute to the account till turning 60, which means contributions for a period ranging from 20 years to 42 years is required under the pension scheme.

How to join pension scheme Pradhan Mantri Shram Yogi Maan-Dhan

Eligible individuals may visit the nearest common service centre to enrol under the PM-SYM, according to the provident fund body’s website.

PM-SYM document requirements