People working in the unorganised sector often lack access to formal retirement benefits, making financial security in old age a major concern. To support such workers, the Central Government runs the PM Shram Yogi Maandhan Yojana (PM-SYM).
Under this pension scheme, eligible subscribers can receive a fixed monthly pension of ₹3,000 after turning 60. The government also matches the monthly contribution made by each subscriber. Here is a look at the scheme’s eligibility conditions, contribution amounts and registration process.
What Is the PM Shram Yogi Maandhan Yojana?
The PM Shram Yogi Maandhan Yojana is a voluntary pension scheme aimed at workers in the unorganised sector. Its objective is to provide them with financial support after retirement.
Eligible individuals contribute a fixed amount every month based on their age when joining the scheme. Once they reach 60 years of age, they become entitled to a monthly pension of ₹3,000.
The government deposits an equal amount towards the subscriber’s pension contribution, helping build the retirement benefit.
Eligibility Criteria for PM-SYM
Applicants must meet the following conditions to join the scheme:
- They must be between 18 and 40 years of age.
- They must work in the unorganised sector.
- Their monthly income must be below ₹15,000.
- They must not be covered under EPFO, ESIC or the National Pension System (NPS).
- They must not be income taxpayers.
Only individuals who meet the prescribed eligibility requirements can enrol in the scheme.
Monthly Contribution: How Much Do You Need to Pay?
The amount a subscriber must contribute depends on their age at the time of joining. Monthly contributions range from ₹55 to ₹200.
For example, an individual joining at the age of 18 needs to pay ₹55 per month, while someone enrolling at 40 must contribute ₹200 per month. The government makes an equal contribution to the subscriber’s account.
After completing 60 years of age, eligible subscribers receive a fixed monthly pension of ₹3,000.
How to Apply for the PM Shram Yogi Maandhan Yojana
Eligible workers can register for the scheme by visiting their nearest Common Service Centre (CSC). The registration process involves these steps:
- Visit a CSC and request registration under the PM Shram Yogi Maandhan Yojana.
- Provide your Aadhaar card and bank account details.
- Submit your mobile number and other required information.
- Complete the registration and pay the monthly contribution applicable to your age.
- After registration, you will receive details related to your scheme enrolment and pension account.
Applicants can also visit the scheme’s official website for further information.
Documents Required for Registration
Applicants should keep the following details and documents ready:
- Aadhaar card
- Mobile number linked to Aadhaar
- Bank passbook details
- Savings bank account information
Disclaimer: The information provided is for general awareness. Eligibility conditions, contribution requirements and other scheme rules may be subject to change. Applicants should verify the latest details through the official PM-SYM website or an authorised Common Service Centre before registering.