Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM)

Nodal Ministry:

It is a Central Sector Scheme that was announced in the Interim Budget, 2019. Ministry of Labour and Employment is the nodal ministry of the scheme.

What is it?
It is a pension scheme for workers engaged in the unorganized sector of the country.

What is unorganized sector?
Workers engaged as home based workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, rickshaw pullers and similar other occupations.

Identification of Target beneficiaries:
• Monthly income is Rs. 15,000/ per month or less
• Belong to the entry age group of 18-40 years
• They should not be covered under New Pension Scheme (NPS), Employees’ State Insurance
Corporation (ESIC) scheme or Employees’ Provident Fund Organization (EPFO)
• He/she should not be an income taxpayer

Salient Features:
Each subscriber shall receive minimum assured pension of Rs 3000/- per month after attaining
the age of 60 years.
• If the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50% of the
pension received by the beneficiary as family pension. Family pension is applicable only to
• Subscriber’s contributions shall be made through ‘auto-debit’ facility from his/ her savings bank
account/ Jan- Dhan account. Contribution needs to be made from the date of joining till the age of
60 years.
• Monthly contribution varies from Rs. 55 per month at the age of 18 years to Rs. 200 per month at
the age of 40 years.
Matching contribution would be made by the Central Government.

Process and Mechanisms:

• The subscriber will be required to have a mobile phone, savings bank account and Aadhaar
• The eligible subscriber may visit the nearest Common Service Centres (CSCs) and get enrolled
for PM-SYM using Aadhaar number and savings bank account/ Jan-Dhan account number on
self-certification basis.

Enrolment Agencies:
The enrolment will be carried out by all the Common Service Centers (CSCs).

Common Service Centres:
CSCs are the access points for delivery of essential public utility services, social welfare
schemes, healthcare, financial, education and agriculture services, apart from host of B2C
services to citizens in rural and remote areas of the country.
It is a pan-India network catering to regional, geographic, linguistic and cultural diversity of the
country, thus enabling the Government’s mandate of a socially, financially and digitally inclusive

Fund Management:
LIC will be the Pension Fund Manager and responsible for Pension pay out.
The amount collected under the pension scheme shall be invested as per the investment pattern
specified by Government of India.

Facilitation Centres:
All the branch offices of LIC, the offices of ESIC/EPFO and all Labour offices of Central and State
Governments will disseminate information to unorganised workers about the scheme, its benefits
and the procedure to be followed, at their respective centers.

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