PM-SYM

The scheme aims to ensure old age protection for unorganised workers. It provides a minimum assured pension of ₹3,000/- per month and family pension benefits to unorganised workers aged 18 to 40 years who earn less than ₹15,000/- monthly, supported by matching government contributions.

The scheme "Pradhan Mantri Shram Yogi Maan-dhan" was launched by the Ministry of Labour and Employment, Government of India, and the scheme aims to ensure old age protection for unorganised workers. The scheme provides a minimum assured pension of ₹3,000/- per month after attaining the age of 60 years, matching government contributions, and a family pension amounting to 50% of the pension for the spouse. The applicant must be an unorganised worker in the entry age group of 18 to 40 years with a monthly income of ₹15,000/- or less, and must make regular age-specific monthly contributions. The scheme is implemented by the Life Insurance Corporation of India and Common Services Centres.

• The applicant must be an unorganised worker.
• The applicant must have an entry age between 18 and 40 years.
• The applicant must have a monthly income of ₹15,000/- or less.
• The applicant must possess a Savings Bank Account or Jan Dhan account number with an Indian Financial System Code.
• The applicant must possess a mobile phone.

• A minimum assured pension of ₹3,000/- per month is provided to the subscriber after attaining the age of 60 years.- A matching contribution is provided by the Central Government on a 50:50 basis, where an equal amount to the subscriber's age-specific contribution (ranging from ₹55/- to ₹200/-) is credited to the pension account.

** During the receipt of the pension, if the subscriber dies:* The spouse of the beneficiary shall be entitled to receive a family pension equal to 50% of the pension received by the beneficiary.

** If a beneficiary has given regular contributions and died due to any cause before the age of 60 years:* _Their spouse will be entitled to join and continue the scheme subsequently by the payment of regular contributions._

** If a beneficiary has given regular contributions and died due to any cause before the age of 60 years, and the spouse decides to exit:* _The beneficiary's contribution along with accumulated interest as actually earned by the fund or at the savings bank interest rate (whichever is higher) will be returned._

** If the subscriber exits the scheme within a period of less than 10 years:* _The beneficiary's share of contribution only will be returned to them with the savings bank interest rate._

** If the subscriber exits after a period of 10 years or more but before the superannuation age of 60 years:* _The beneficiary's share of contribution along with accumulated interest as actually earned by the fund or at the savings bank interest rate, whichever is higher, will be returned._

The applicant must not be -

• An income tax payer.
• Engaged in the organized sector.
• Holding membership in the Employees' Provident Fund Organization scheme.
• Holding membership in the National Pension Scheme.
• Holding membership in the Employees' State Insurance Corporation scheme.