Pradhan Mantri Shram Yogi Maandhan

About

  • Launched: 2019 by the Ministry of Labour & Employment.
  • Nature: Voluntary and contributory pension scheme for workers in the unorganised sector.
  • Objective: To provide a minimum assured pension of ₹3,000 per month after attaining 60 years to eligible unorganised workers and provide financial security during old age.
  • Target Group: Unorganised workers such as street vendors, domestic workers, construction workers, agricultural labourers, rickshaw pullers, beedi workers, leather workers, etc.
  • Implementing Agency: LIC is the pension fund manager; enrolment is facilitated through Common Service Centres (CSCs).
  • Ministry: Ministry of Labour & Employment.
  • Entry Age: 18–40 years.
  • Monthly Pension: ₹3,000 after attaining 60 years.
  • Government Contribution: The Central Government makes a matching contribution equal to the subscriber’s contribution.
  • Contribution: Depends on the age of entry; younger entrants contribute less.

Eligibility

A person must satisfy the following conditions:

  1. Must be an unorganised worker.
  2. Age should be 18–40 years.
  3. Monthly income should be ₹15,000 or less.
  4. Must have a savings bank account or Jan Dhan account and Aadhaar.
  5. Should not be covered under:
    • National Pension System (NPS)
    • Employees’ State Insurance Corporation (ESIC) scheme
    • Employees’ Provident Fund Organisation (EPFO)
  6. Should not be an income-tax payer.

Major Features

  • On attaining 60 years, the subscriber receives a minimum assured pension of ₹3,000 per month for life.
  • After the death of the subscriber, the spouse is entitled to 50% of the pension, i.e. ₹1,500 per month for life.
  • The Central Government contributes an amount equal to the subscriber’s contribution.
  • Contribution amount depends on the subscriber’s age at entry.
  • The scheme has provisions for premature exit/withdrawal before 60 years, subject to the applicable scheme rules.
  • In case of voluntary exit, the subscriber generally receives their own contribution along with applicable interest, while the treatment of Government contributions is governed by the scheme rules.

Triple Benefit

  1. Subscriber
     Receives a minimum assured pension of ₹3,000 per month for life after attaining 60 years.
  2. Spouse
     After the subscriber’s death, the spouse receives 50% of the pension (₹1,500 per month) for life.
  3. Nominee
     After the death of both the subscriber and spouse, the accumulated pension corpus is transferred to the nominee, as per the applicable scheme provisions.

Recent Developments

The Government has continued efforts to expand PM-SYM coverage through Common Service Centres, awareness campaigns and integration with broader social-security initiatives.

Pradhan Mantri Shram Yogi Maandhan