Pradhan Mantri Shram Yogi Maandhan Yojana

The notion of pension is widely used in India's organised sectors. Individuals, working for private and government organisations are eligible for a pension, which eventually serves as a source of Income post-retirement. It also assists in maintaining their lifestyle and managing their current expenses.

However, there was no such notion when it comes to the unorganised sector. The Indian government launched the Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM) initiative to address this issue. In this article, let's find out more about this initiative, its features, benefits, eligible people, and more.

What is Pradhan Mantri Shram Yogi Maandhan Yojana (PM SYM)?

The Ministry of Labor and Employment administers the PM-SYM scheme, which was implemented by the Life Insurance Corporation of India (LIC) and Community Service Centers (CSCs). The Pension Fund Manager is in charge of paying out the pensions. PM Shram Yogi Mandhan Yojana launch date was back in February 2019 when the prime minister of India announced the initiative under the Ministry of Labour and Employment in Vastral, Gujarat.

PM SYM was implemented to provide financial assistance to those in their old age who worked in the unorganised sector. It includes:

• Leather domestic workers
• Rickshaw pullers
• Washermen
• Labourers
• Cobblers
• Kiln workers
• Mid-day meal workers
• Street sellers

Features of PM Shram Yogi Maandhan Yojana

PM SMY is a scheme that provides benefits to around 42 crore workers from the unorganised sector of the country.

Here is the sneak-peak of features of the yojana:

• It is a contributing and voluntary pension plan
• Each subscriber would receive a minimum assured pension of Rs. 3000 per month after they reach the age of 60
• If a subscriber dies while receiving a pension, the beneficiary's spouse is entitled to a family pension equal to half of the subscriber's income. A family pension is only available to the spouse
• In case beneficiary made regular payments and died before reaching the age of 60, their spouse can join the plan and make monthly contributions, or leave the scheme according to the exit and withdrawal requirements
• Contributions will be deducted automatically from the subscriber's savings Bank account or Jan-Dhan account
• PM-SYM works on a 50:50 Basis, with the recipient contributing an age-appropriate amount and the Central Government matching that amount
• If you made a monthly contribution to a pension plan but died before reaching the age of 40 or became permanently incapacitated, then your spouse is entitled to continue the plan. They have the option of making a regular contribution or opting out

PM Shram Yogi Maandhan Yojana Eligibility

An applicant must meet the following requirements to be eligible for the Pradhan Mantri Shram Yogi Maan Dhan:

• They should be an unorganised worker between the age bracket of 18-40 years
• Applicant's monthly income should be no more than Rs. 15,000
• They must have an Aadhar card and a Savings Bank Account or Jan Dhan account number along with a registered mobile number
• Employees' State insurance Corporation, Provident Fund Organization, and National Pension recipients are eligible to apply
• A beneficiary must not pay income tax, and proof of the same is required

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

You can register for the scheme in two ways which are as follow:

Self-Enrolment

In the self-enrolment process, you can register through online registration. Follow the steps to register:

• Visit the official website and opt for Pradhan Mantri Maan-Dhan Yojana online apply
• Then you'll be redirected to the digital seva connect portal
• Proceed further by entering the mobile number, and OTP sent
• After this, you'll need to pay the 1st instalment
• Once done, you'll receive the shram yogi pension number

Enrolment Through Common Service Centers (CSC) VLE

The following are the steps for submitting a PMSYM Yojana application using a CSC VLE option available online:

• Step 1: You must go to their local CSC and make an initial contribution to VLE
• Step 2: This VLE will store your name, Aadhaar number, birth date, and other personal information
• Step 3: A VLE will finish the online registration for Shram Yogi Maandhan Yojana by providing your mobile number, bank account information, spouse information, nominee information, and so on
• Step 4: Based on your age, the system calculates monthly payments automatically
• Step 5: First subscription amount is to be paid in cash to VLE and then sign the auto-debit or enrolling form. The same will be uploaded to the system by a VLE
• Step 6: At the same time, CSC will establish a unique Shram Yogi Pension Account Number and print Shram Yogi Card
• Step 7: After the procedure is completed, you'll receive a Shram Yogi Card as well as a signed copy of the enrolment form for the records

Note: On the registered mobile number, you'll also get frequent SMS updates on auto-debit activation and Shram Yogi Pension Account information.

PM SYM Login

To log in, follow the below-mentioned steps:

• Visit the PM SYM official website
• The homepage will appear on the screen, along with the option to 'sign in'
• The interface will then show two options: self-enrollment and CSC VLE
• If you choose self-enrolment, a pop-up will appear on your screen requesting you to log in with your registered mobile number; click proceed, and an OTP will be delivered. After entering the OTP, you will be signed in
• If you choose CSC VLE, a new page will appear, prompting you to enter the essential information - user id, password, and captcha code - and you will be logged in

Provisions For Exit and Withdrawal

The scheme's exit provisions have been maintained flexible in light of the challenges and irregular nature of unorganised workers' employability. The following are the exit provisions:

• If you leave the scheme before the end of the 10 years, only the beneficiary's part of the contribution will be refunded to you at the savings bank interest rate
• If you leave after a period of 10 years or more but before reaching superannuation age, i.e., 60 years of age, you'll receive the beneficiary's share of the contribution, as well as any accumulated Earnings on fund or interest rate of Savings Account, whichever is more

The Way Forward

PM-SYM is the world's largest pension fund scheme. In addition to social security, the government should increase their focus on the skill enhancement of the workforce. Along With it, the government needs to take initiatives to create more formal sector employment and modify labour rules to accommodate informal employees. Workers will benefit from wage protection, job stability, and social security, and their burdens will be alleviated. It will, in the end, contribute to the country's overall economic prosperity.