Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM)

Pradhan Mantri Shram Yogi Maandhan Yojana Latest News

The budget 2025-26 allocation under the PM Shram Yogi Maandhan Yojana increased by 37% compared to last year.

About Pradhan Mantri Shram Yogi Maandhan Yojana

• It is a government scheme meant for the old-age protection and social security of unorganized workers.
• It is a Central Sector Scheme administered by the Ministry of Labour and Employment and implemented through Life Insurance Corporation of India and CSC eGovernance Services India Limited (CSC SPV). 
• LIC will be the Pension Fund Manager and responsible for pension pay out. 
• The amount collected under the PM-SYM shall be invested as per the investment pattern specified by the Government of India.

Pradhan Mantri Shram Yogi Maandhan Yojana Eligibility

• Should be an Indian Citizen
• Unorganised Workers (working as street vendors, agriculture-related work, construction site workers, workers in industries of leather, handloom, mid-day meal, rickshaw or auto wheelers, rag picking, carpenters, fishermen, etc.
• Age group of 18-40 years
• Monthly income is below Rs. 15000 and not a member of EPFO/ESIC/NPS (Govt. funded).

Pradhan Mantri Shram Yogi Maandhan Yojana Features

• It is a voluntary and contributory pension scheme.
• Minimum Assured Pension: Each subscriber under the PM-SYM shall receive minimum assured pension of Rs 3000/- per month after attaining the age of 60 years.
• Contribution by the Subscriber:
  • The subscriber’s contributions to PM-SYM shall be made through ‘auto-debit’ facility from his/ her savings bank account/Jan- Dhan account. 
  • The subscriber is required to contribute the prescribed contribution amount from the age of joining PM-SYM till the age of 60 years. 
  • Matching contribution by the Central Government: It is a pension scheme on a 50:50 basis where prescribed age-specific contributions shall be made by the beneficiary and the matching contribution by the Central Government.
• Family Pension: 
  • During the receipt of pension, if the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension received by the beneficiary as a family pension. Family pension is applicable only to spouse.
  • If a beneficiary has given regular contributions and died due to any cause (before age 60 years), his/her spouse will be entitled to join and continue the scheme subsequently by payment of regular contributions or exit the scheme as per provisions of exit and withdrawal.
• Exit: 
  • Even if the subscriber wants to opt out of the scheme before 10 years, the share of the subscriber will be given back along with the interest amount accrued. 
  • If the subscriber opts out after 10 years but before 60 years of age, the share of the subscriber contribution, adding the accumulated interest will be given back to the candidate. 

Pradhan Mantri Shram Yogi Maandhan Yojana FAQs

Q1. What is the Life Insurance Corporation of India (LIC)?

Ans. LIC is a state-owned organization and India’s largest life insurance company.

Q2. What is a Central Sector Scheme?

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Ans. A Central Sector Scheme refers to a government program or initiative that is entirely funded and implemented by the Central Government. 

Q3. What is CSC eGovernance Services India Limited (CSC SPV)?

Ans. CSC SPV is a special purpose vehicle established by the Ministry of Electronics and Information Technology (MeitY) under the Government of India.

Source: TH