Pradhan Mantri Shram Yogi Maan Dhan Yojana

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Pradhan Mantri Sharam Yogi Maandhan Yojana : Government of India has launched a pension scheme called Pradhan Mantri Shram Yogi Maan dhan Yojana for unorganised workers. This scheme was announced by Piyush Goyal (Union Finance Minister) in the integrim Budget (2019-20).It is a voluntary and contributory pension scheme for labour/worker in informal or unorganized sector.

Are you eligible to apply for the scheme?

The Pradhan Mantri Shram Yogi Maan dhan Yojana mainly includes the unorganized workers such as : -

home based workers
street vendors
mid-day meal workers
head loaders
brick kiln workers
cobblers, rag pickers, domestic workers, washer men
rickshaw pullers, landless labourers
own account workers, agricultural workers
construction workers, beedi workers
handloom workers, leather workers
audio- visual workers
similar other occupations whose monthly income is Rs 15,000/ per month or less and belong to the entry age group of 18-40 years.

Who is not eligible to apply for the scheme?

worker who has applied under any statutory Social Security Scheme such as NPS, ESIC, EPFO.
worker who pay income tax is not eligible

Benefits of the scheme: -

Under PM-SYM, applicant is assured of a monthly pension of Rs 3000/month after attaining the age of 60 years.
If the applicant dies during the pension receipt, the spouse of the beneficiary will be entitled to receive 50% of the pension as family pension.
If a beneficiary dies before age of 60 years and has given regular contribution in his life then 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.

Contribution to be made by applicant

The applicant's contribution to this scheme should be made through auto-debit facility from his/her savings bank account/Jan dhan account.Due date for member's monthly contribution is the date of enrolment every month.The below table show details of entry age specific monthly contribution : -

Entry age(yrs)	Superannuation age(yrs)	Member's monthly contribution(Rs)	Central govt monthly contribution(Rs)	Total monthly contribution(Rs)
(1)	(2)	(3)	(4)	(5)=(3)+(4)
18	60	55	55	110
19	60	58	58	116
20	60	61	61	122
21	60	64	64	128
22	60	68	68	136
23	60	72	72	144
24	60	76	76	152
25	60	80	80	160
26	60	85	85	170
27	60	90	90	180
28	60	95	95	190
29	60	100	100	200
30	60	105	105	210
31	60	110	110	220
32	60	120	120	240
33	60	130	130	260
34	60	140	140	280
35	60	150	150	300
36	60	160	160	320
37	60	170	170	340
38	60	180	180	360
39	60	190	190	380
40	60	200	200	400

Govt contribute equally

As PM-SYM is a contributory pension scheme on the basis of 50:50 ratio where prescribed age-specific contribution shall be made by the applicant and equal contribution by the Central Government as per the chart.

Steps to apply for the scheme

The applicant need to have : -
- a mobile phone
- saving bank account
- aadhar number.
The applicant have to visit the nearest (CSC eGovernance Services India Limited (CSC SPV)) commom service centre and get him enrolled for the scheme using adhar number and saving bank account/ Jan dhan account number on self certfication basis.
The applicant have to provide email-id, if any, spouse and nominee details.
Monthly contribution payable will be auto-calculated in the system according the to the age of applicant.
First subsciption amount to be made in cash to the VLR who will hand over the generated receipt to the applicant.
Enrolment Form cum Auto Debit mandate will also be printed which will then be signed by the applicant. VLE then shall scan the signed enrolment cum auto debit mandate and upload into the system.
A unique shram yogi pension account number will be generated and Shram Yogi Card will be printed at CSC.
The applicant will get the Shram Yogi Card and a signed copy of enrolment form of for his record after completing the whole process.
SMS will be sent after auto debit and Shram Yogi Pension Account details will be set on the mobile number of the applicant.

Enrolment Process Overview

Centres of facilitation

The applicant can visit any LIC branch office, ESIC/EPFO office, and all central and state governments labour offices. These offices facilitate the unorderganized workers about the scheme, its benefits and the procedure to be followed, at their respective centers.

Management of Fund

Pradhan Mantri Shram Yogi Maan Dhan Yojana is the central sector scheme implemented through Life Insurance Corporation of India and CSC eGovernance Services India Limited (CSC SPV). It is administered by Ministry of Labour and Employment. The fund manager of this scheme will be LIC who is responsible for the pension pay out.