Pradhan Mantri Shram Yogi Maandhan Yojana

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Why in news :- https://pib.gov.in/PressReleseDetail.aspx?PRID=1854102&reg=3&lang=1

About

  • Pradhan Mantri Shram Yogi Maandhan (PM-SYM), is a voluntary and contributory pension scheme launched by the Government of India to provide social security to unorganised workers.
  • This scheme ensures a minimum monthly pension of ₹3,000 after the age of 60 for workers who belong to the unorganised sector and have a monthly income of up to ₹15,000.
  • As per the e-Shram portal, there are over 30.51 crore unorganised workers registered, as on 31 December 2024.
  • The scheme is administered by the Ministry of Labour and Employment in collaboration with Life Insurance Corporation of India (LIC) and Common Service Centres e-Governance Services India Limited (CSC SPV) for seamless implementation.

  • Key Features of PM-SYM

    • Minimum Assured Pension: ₹3,000 per month after 60 years of age.
    • Government Contribution: The Government of India matches the worker’s contribution on a 1:1 basis.
    • Voluntary and Contributory: The scheme is voluntary, allowing workers to contribute based on their affordability and requirement.
    • Family Pension: If the beneficiary passes away, the spouse receives 50% of the pension amount as a family pension. Family pension is applicable only to spouse.
    • Exit Provisions: Participants can exit the scheme under specified conditions 
    • Easy Enrolment: Eligible workers can register at Common Service Centres (CSCs) or through the Maandhan portal.
    • Fund Management: The scheme is administered by LIC, ensuring financial stability and credibility.

    • To enroll in PM-SYM, individuals must meet the following eligibility conditions:      

      1. Age Requirement: 18 to 40 years.
      2. Income Limit: Monthly income should be ₹15,000 or less.
      3. Unorganised Sector Employment: Workers engaged in professions such as:
        • Street vendors, rag pickers, rickshaw pullers
        • Construction workers, daily wage labourers
        • Agricultural workers, beedi workers
        • Domestic workers, weavers, artisans, fishermen, leather workers, etc.
      4. Exclusion Criteria:
        • Should not be covered under the Employees’ Provident Fund (EPF), Employees’ State Insurance Corporation (ESIC), or National Pension Scheme (NPS).
        • Should not be an income taxpayer.
        • Should not be receiving benefits from any other government pension scheme. 

          • Exit and Withdrawal Provisions

            1. Exit Before 10 Years: If a worker exits the scheme before 10 years, the contributed amount is refunded with savings bank interest rate.
            2. Exit After 10 Years but Before 60 Years: The beneficiary receives his/her share of contribution along with accumulated interest as actually earned by fund or at the savings bank interest rate, whichever is higher.
            3. Death Before 60 Years or Permanent Disability caused by an accident:
              • The spouse can continue the scheme or
              • Withdraw the contributed amount with interest as actually earned by fund or at the savings bank interest rate whichever is higher.
            4. Death After 60 Years: The spouse receives 50% of the pension as a family pension.
            5. After the death of subscriber as well as his/her spouse, the entire corpus will be credited back to the fund.

     

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