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It is a voluntary and contributory pension scheme, under which the subscriber would receive a minimum assured pension of Rs 3000/- per month after attaining the age of 60 years.
The scheme is meant for old age protection and social security of Unorganised Workers.
PM-SYM Scheme: Millions of workers across India work in an unorganized sector and don’t come under any formal social security scheme like EPS, leaving them vulnerable to financial risks. The threat grows in old age when their source of income dwindles and energy wanes.
With the mission to provide security and old age protection especially for senior citizens, the Indian Government under Modi 3.0 runs a voluntary pension scheme known as the Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM).
What Is PM-SYM Scheme?
It is an age-old pension scheme offering protection and social security to unorganized workers who are mostly engaged as rickshaw pullers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, home-based workers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio- visual workers or in similar other occupations.
PM-SYM is a Central Sector Scheme administered by the Ministry of Labour and Employment and implemented through Life Insurance Corporation of India and CSC e-Governance Services India Limited (CSC SPV). LIC will be the Pension Fund Manager and responsible for Pension pay out.
PM-SYM Scheme: Benefits
It is a voluntary and contributory pension scheme, under which the subscriber would receive a minimum assured pension of Rs 3000/- per month after attaining the age of 60 years.
In case the beneficiary dies, the spouse of the beneficiary will receive the 50 per cent of the pension as family pension.
PM-SYM Scheme: Eligibility
Anyone who is working in an organized sector as mentioned above can become eligible under the scheme. One must be an age between 18 and 40 years, with a monthly income of less than Rs 15000 or below.
How To Enroll In PM-SYM Scheme?
The Unorganised Worker is required to visit the nearest Common Services Centre (CSC) and get enrolled for PM-SYM using Aadhaar Card and Savings bank/ Jan-Dhan account number on self-certification basis.
First subscription to be paid in cash and auto debit from next month onwards.
Those who either have a membership of EPF/NPS/ESIC or are an income tax payer can’t become eligible for the scheme.
PM-SYM Scheme: Contribution Chart
| Entry Age | Superannuation Age | Member’s monthly contribution (Rs) | Central Govt’s monthly contribution (Rs) | Total monthly contribution (Rs) |
| -1 | -2 | -3 | -4 | (5)= (3)+(4) |
| 18 | 60 | 55 | 55 | 110 |
| 19 | 60 | 58 | 58 | 116 |
| 20 | 60 | 61 | 61 | 122 |
| 21 | 60 | 64 | 64 | 128 |
| 22 | 60 | 68 | 68 | 136 |
| 23 | 60 | 72 | 72 | 144 |
| 24 | 60 | 76 | 76 | 152 |
| 25 | 60 | 80 | 80 | 160 |
| 26 | 60 | 85 | 85 | 170 |
| 27 | 60 | 90 | 90 | 180 |
| 28 | 60 | 95 | 95 | 190 |
| 29 | 60 | 100 | 100 | 200 |
| 30 | 60 | 105 | 105 | 210 |
| 31 | 60 | 110 | 110 | 220 |
| 32 | 60 | 120 | 120 | 240 |
| 33 | 60 | 130 | 130 | 260 |
| 34 | 60 | 140 | 140 | 280 |
| 35 | 60 | 150 | 150 | 300 |
| 36 | 60 | 160 | 160 | 320 |
| 37 | 60 | 170 | 170 | 340 |
| 38 | 60 | 180 | 180 | 360 |
| 39 | 60 | 190 | 190 | 380 |
| 40 | 60 | 200 | 200 | 400 |
Source: https://labour.gov.in/brief-pm-sym
PM-SYM Scheme: Exit and Withdrawal
- 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.
- 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.
- 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.
- 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.
- After the death of subscriber as well as his/her spouse, the entire corpus will be credited back to the fund.
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.
