The Pradhan Mantri Shram Yogi Maandhan (PM-SYM) is a social welfare pension scheme initiated by the Indian government. Here’s a breakdown of its key aspects:

  • Purpose:
  • It aims to provide old-age protection and social security to unorganized sector workers in India.
  • Eligibility:
  • It’s designed for unorganized workers.
  • The entry age is between 18 and 40 years.
  • The monthly income should be ₹15,000 or less.
  • Key Features:
  • Assured monthly pension of ₹3,000 after attaining 60 years of age.
  • It’s a voluntary and contributory pension scheme.
  • The Government of India provides a matching contribution.
  • If the subscriber dies, the spouse is entitled to 50% of the pension as a family pension.
  • Implementation:
  • Administered by the Ministry of Labour and Employment.
  • Implemented through the Life Insurance Corporation of India (LIC) and CSC e-Governance Services India Limited.
  • Enrollment:
  • Enrolment can be done through Common Service Centres (CSCs).
  • Aadhaar and Jan Dhan bank account details are required.