Pradhan Mantri Shram Yogi Maandhan Yojana: Check Features, Eligibility Criteria & Benefits of (PMSYM)

PMSYM, or Pradhan Mantri Shram Yogi Maandhan Yojana, has been introduced by the Government of India for the unorganized sector workers. The scheme aims at offering monetary stability and social security to the Unorganized Workers (UW) employed in the unorganized sector for their old age.

PMSYM is a pension scheme wherein the beneficiaries, as well as the central government, make equal contributions. The scheme allows an option for people employed in the unorganized sector to earn a monthly pension after turning 60 years of age. Let us look at the scheme’s benefits, eligibility criteria and other aspects.

What is PMSYM?

PMSYM, or Pradhan Mantri Shram Yogi Maandhan Yojana, is a pension scheme intended to secure the financial situation of Unorganized Workers (UW) after their retirement during old age. Workers can save a portion of their income while they are earning so that they can get a return during their old age when they are unable to work. Under the scheme, equal contribution is made by the government of India along with the plan subscriber to help them save a decent amount as pension. The Unorganized Workers are people employed in the unorganized sector. It can also be a person working in the organized sector but without any cover under the acts cited under Schedule II of the scheme, such as the Employee’s State Insurance Act, EPF Act, Payment of Gratuity Act, etc.

Features of Pradhan Mantri Shram Yogi Maandhan Yojana (PMSYM)

Below are some important features of the PM Shram Yogi Maandhan Yojana:

Eligibility Criteria

Below are the eligibility criteria to enroll in the PM Shramyogi Maandhan Yojana:

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Benefits of PM Shram Yogi Maandhan Yojana

The beneficiaries of the PM SYM yojana are offered financial aid when they are older, above 60 years of age or in case of any disability. Here are the specific conditions mentioned in the table below:

Note that if both the applicant and the spouse die, the PMSYM amount is credited back to the PM SYM Scheme fund.

How to Apply for PMSYM?

To apply for PMSYM, the unorganized workers can follow the below steps:

Apply Through Common Service Centre (CSC)

Here are the steps:

• The worker can visit the nearest CSC or Common Services Centre with their Aadhaar Card and Savings Bank account passbook
• Provide all the relevant documents at the CSC to get registered such as;
  • Aadhar Card
  • Savings account/ Jan-Dhan account details
  • IFSC code (of savings account)
• Pay the first installment in cash to the VLE or Village Level Entrepreneur at the CSC
• The VLE will seek the below details to validate the subscriber;
  • Aadhar number
  • Subscriber name
  • Date of Birth (DoB)
• Once the verification of the applicant is done, the VLE would require the below details to initiate the PM SYM registration process for the subscriber
• • Mobile number
  • Email id
  • Spouse details
  • Bank account details
  • Nominee details

• The applicant has to self-certify the details of eligibility
• The monthly contribution amount to be paid by the worker will be displayed automatically as per the entry age of the subscriber
• The first installment has to be paid in cash by the subscriber to the VLE
• The subscriber is required to sign the enrolment form along with the form that mandates auto-debit of monthly installment from the subscriber’s bank account
• Once the above requirement is fulfilled, the application form is uploaded to the PMSYM system by the VLE after scanning it
• The system will generate a SPAN number or Shramyogi Pension Account Number, which will be printed and offered as the Shram Yogi card to the subscriber

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To Sum Up

Since the employees of the unorganized sector do not have a regular flow of income, these workers and their family members stay vulnerable to financial instability. With PMSMY, these workers can get a certain amount of monetary security. By investing in the scheme, they can secure their future, especially for the time when they are unable to work.

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