Pradhan Mantri Shram Yogi Maan-Dhan Yojana (PM-SYM), Eligibility and Features

Pradhan Mantri Shram Yogi Maan-Dhan is a pension scheme introduced by the Government of India to ensure old age protection and social security for unorganized workers. The unorganized workers are mostly engaged as rickshaw pullers, home based workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, agricultural workers, construction workers, handloom workers, leather workers, audio-visual workers or in similar other occupations.

Eligibility Criteria for PM-SYM:

1. The subscriber of the scheme should be an unorganized worker.
2. The entry age for the subscriber should be between 18 to 40 years.
3. The subscriber’s monthly income should not be more than Rs.15000.
4. The subscriber should not be an income tax payer.
5. The subscriber should possess Aadhar Card.
6. The subscriber should also possess Savings Bank account/ Jan Dhan account number with IFSC.

Features of PM-SYM:

1. The subscriber under the PM-SYM scheme would receive a minimum assured pension of Rs.3000/- per month after attaining the age of 60 years.
2. If the subscriber dies during the receipt of the pension, the spouse of the subscriber shall be entitled to receive 50% of the pension as family pension. Family pension is applicable only to spouse.
3. If the subscriber has given regular contributions to the scheme and died due to any cause before the age of 60 years, his/her spouse will be entitled to join and continue the scheme subsequently by payment of regular contribution or exit the scheme as per provisions of exit and withdrawal.
4. The subscriber made the contributions through auto-debit facility from his/her savings bank account/ Jan Dhan account.
5. This is a voluntary and contributory pension scheme where prescribed age-specific contribution shall be made by the beneficiary and the Central Government will also give equal matching contribution in his pension account.
6. The enrollment for PM-SYM will be carried out by all the Common Services Centres (CSC). The eligible subscriber may visit the nearest CSC along with their Aadhar Card and Savings Bank account passbook/ Jan Dhan account and get themselves registered for the scheme. The subscriber’s first month contribution shall be paid in cash and he/ she will be provided with a receipt.
7. All the branch offices of LIC, the offices of ESIC/EPFO and all labour offices of Central and State Governments will facilitate the unorganized workers about the scheme.
8. In case the beneficiary exits the scheme within a period of less than 10 years, the beneficiary will only be returned with his/ her share of contribution with savings bank interest rate.
9. In case the beneficiary exits after a period of 10 years or more but before superannuation age i.e. 60 years of age, the beneficiary will be returned with his/ her share of contribution along with accumulated interest as actually earned by fund or at the savings bank interest rate whichever is higher.
10. If the beneficiary has defaulted in paying the contribution on monthly basis, he/ she will be allowed to regularize his contribution by paying entire outstanding dues, along with penalty charges, if any, decided by the Government.