Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM)

Details

A contributory pension scheme by Ministry of Labour & Employment for Unorganised workers.

Pradhan Mantri Shram Yogi Maandhan is a government scheme meant for old age protection and social security of Unorganized workers.

Eligibility

1. For Unorganized Workers (UW)
2. Entry Age between 18 to 40 years
3. Monthly Income up to Rs 15000/-

Features

1. Assured Pension of Rs. 3000/- month
2. Voluntary and Contributory Pension Scheme
3. Matching Contribution by the Government of India

Note

This scheme comes under Maandhan Umbrella along with following schemes –

1. Pradhan Mantri Shram Yogi Maan-dhan Yojana
2. National Pension Scheme – Traders & Self-Employed Persons

The applicants between the age group of 18 to 40 years will have to make monthly contributions ranging from Rs 55 to Rs 200 per month till they attain the age of 60.

Default:

If a subscriber has not paid the contribution continuously he/she will be allowed to regularize his contribution by paying entire outstanding dues, along with penalty charges, if any, decided by the Government.

Pension Payout:

Once the beneficiary joins the scheme at the entry age of 18-40 years, the beneficiary has to contribute till 60 years of age. On attaining the age of 60 years, the subscriber will receive by DBT the assured monthly pension of Rs.3000/- with benefit of family pension, as the case may be.

Grievance Redressal:

Customer Care number 1800 2676 888 (available 24*7). Web portal/ app will also have the facility for registering the complaints.

Doubts and Clarifications:

In case of any doubt on the scheme, clarification provided by the Joint Secretary & Director General (Labour Welfare) will be final. Email at ShramYogi[at]nic[dot]in

Benefits

1. Minimum assured pension of Rs 3000/- per month after attaining the age of 60 years.
2. If applicant dies before age of 60, the Spouse will be entitled to continue the scheme and shall be entitled to receive 50% of the amount.
3. Once the applicant attains the age of 60, he/ she can claim the pension amount. Every month a fixed pension amount gets deposited in the pension account of the respective individual.
4. If he/ she exits the scheme within a period of less than 10 years, the beneficiary’s share of contribution only will be returned to him with savings bank interest rate.
5. If subscriber exits after a period of 10 years or more but before 60 years of age, the beneficiary’s share of contribution along with accumulated interest as actually earned by fund or at the savings bank interest rate whichever is higher.
6. If a beneficiary has given regular contributions and died due to any cause, his/ her spouse will be entitled to continue the scheme subsequently by payment of regular contribution or exit by receiving the beneficiary’s contribution along with accumulated interest as actually earned by fund or at the savings bank interest rate whichever is higher.
7. If a beneficiary has given regular contributions and become permanently disabled due to any cause before 60 years, and unable to continue under the scheme, his/ her spouse will be entitled to continue the scheme subsequently by payment of regular contribution or exit the scheme by receiving the beneficiary’s contribution with interest as actually earned by fund or at the savings bank interest rate whichever is higher.
8. After the death of subscriber as well as his/her spouse, the entire corpus will be credited back to the fund.

Eligibility

1. For Unorganized Workers (UW)
2. Entry Age between 18 to 40 years
3. Monthly Income up to Rs 15000/-

Exclusions

1. Income Tax Payer
2. Member / Beneficiary for ESIC (Employees’ State Insurance Corporation)
3. Member / Beneficiary for EPFO (Employees’ Provident Fund Organisation)

Application Process

Online – Via CSCs

1. Following are the prerequisites for the enrollment process:
   1. Aadhaar Card
   2. Savings/Jan Dhan Bank Account details along with IFSC Code ( Bank Passbook or Cheque Leave/book or copy of bank statement as evidence of bank account )
2. Initial contribution amount in cash will be made to the Village Level Entrepreneur (VLE).
3. The VLE will key-in the Aadhaar number, Name of beneficiary and Date of birth as printed on aadhaar card for authentication.
4. The VLE will complete the online registration by filling up the details like Bank Account details, Mobile Number, Email Address, Spouse (if any) and Nominee details will be captured.
5. Self-certification for eligibility conditions will be done.
6. System will auto calculate monthly contribution payable according to age of the Beneficiary.
7. Beneficiary will pay the 1st subscription amount in cash to the VLE.
8. Enrollment cum Auto Debit mandate form will be printed and will be further signed by the beneficiary. VLE will scan the same and upload it into the system.
9. A unique Shram Yogi Pension Account Number (SPAN) will be generated and Shram Yogi Card will be printed.

Online

Self Enrollment

1. Following are the prerequisites for the enrollment process:
   1. Aadhaar Card
   2. Savings/Jan Dhan Bank Account details along with IFSC Code ( Bank Passbook or Cheque Leave/book or copy of bank statement as evidence of bank account )
2. The applicant will key-in the Aadhaar number, Name of beneficiary and Date of birth as printed on aadhaar card for authentication.
3. The applicant will complete the online registration by filling up the details like Bank Account details, Mobile Number, Email Address, Spouse (if any) and Nominee details will be captured.
4. Self-certification for eligibility conditions will be done.
5. The system will auto calculate monthly contribution payable according to age of the Beneficiary.
6. Enrollment cum Auto Debit mandate form will be printed and will be further signed by the beneficiary. VLE will scan the same and upload it into the system.
7. The applicant will pay the 1st subscription amount using Internet Banking
8. A unique Shram Yogi Pension Account Number (SPAN) will be generated and Shram Yogi Card will be printed.

Documents Required

1. Aadhaar Card
2. Savings Bank Account / Jan Dhan account number with IFSC
3. Shram UAN Card Number (Optional)