The government launched the Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) pension scheme in 2019. It enables married couples to earn an annual pension of Rs. 72,000 by contributing just Rs. 200 per month. It is one of the several pension schemes that the Modi government has introduced to help the unorganized sector become financially independent.
What is the Pradhan Mantri Shram Yogi Maan-Dhan?
Those who are between the ages of 18 and 40, have a monthly income of not more than Rs 15,000, and work in the unorganized sector are eligible for this scheme. Street vendors, washermen, agricultural workers, landless laborers, handloom and leather workers, midday meal employees, head-loaded, brick-kiln workers, cobblers, domestic workers, rag pickers, and other workers are typically included in this.
Key Features
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After turning 60 years old, each PM-SYM scheme subscriber will receive an assured pension of Rs. 3000 per month.
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In case the subscriber dies during the receipt of the pension, the spouse will be entitled to get 50 percent of the pension as a family pension. Only the beneficiary's spouse is applicable for this.
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Enrolling: On a self-certification basis, eligible subscribers may enroll in PM-SYM at the closest Common Services Centres (CSC eGovernance Services India Limited (CSC SPV)) by providing their Aadhaar number, savings bank account number, or Jan-Dhan account number. Later on, subscribers will have the option to self-register using their Aadhar number, savings bank account number, or Jan-Dhan account number on a self-certification basis by visiting the PM-SYM web portal or downloading the mobile app.
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Subscriber’s contribution: The subscriber's contributions to PM-SYM must be made via the "auto-debit" feature from his or her savings bank account or Jan-Dhan account. The subscriber must make the required contribution from the time they first joined PM-SYM until they turn 60.
As beneficiaries of the PM-SYM scheme, a couple will have to individually make an investment of Rs 100 per month. In a year, this will gradually add up to Rs 1200. A subscribed beneficiary who reaches the age of 60 will be able to receive a pension of Rs 36,000 for themselves, and Rs 72,000 for a married couple.
