What is Pradhan Mantri Shram Yogi Maan-dhan

In India, there are many unorganized workers whose monthly income is less than 15,000 per month. They don’t even have a protected retirement.

The Government of India added an immense scheme in the list of pension schemes. It is “Pradhan Mantri Shram Yogi Maan-Dhaan Yojana.”

It is a central Government scheme that provides social security and old age protection to unorganized workers.

In January 2022, a pre-budget survey was conducted across the nation. It concluded that more than 90% of India’s workforce constituted unorganized workers in 2021. They were the

• Beedi workers
• Washermen
• Street vendors
• Handloom workers
• Leather workers
• Rickshaw pullers
• Cobblers, etc.

At present, more than 41 lakh unorganized workers are registered under the PM-SYM scheme.

What is the eligible Criteria of PM-SYM?

The eligible criteria of PM-SYM are-

1. The person should be working as an unorganized worker.
2. He/She should be between the age of 18 and 40 years.
3. The one must be earning less than 15,000 per month.
4. He/She should have

• • Jan Dhan/ Saving bank account with IFSC code.
  • Aadhaar Card.

NOTE: The subscriber should not be an income taxpayer. Moreover, he/she should not be working in an organized working sector.

What are the features of PM-SYM?

The PM-SYM is a contributory and voluntary pension scheme. This scheme provides the following benefits to the subscriber:

1. Minimum Assured Pension:

Beneath the PM-SYM, each recipient will receive a minimal assured pension of Rs.3000/-. It will be per month after reaching 60 years of age.

The beneficiary’s spouse will be authorized to enroll and continue the scheme. He/She will make the regular payment of the scheme or exit it as per the provision. This will be in case if the beneficiary dies in any cause and has given regular contribution.

2. Family Pension:

If the pension subscriber dies, his/her spouse will be empowered to collect 50% of the pension. It will be received by the beneficiary as a Family Pension. This pension is applicable only to the beneficiary’s spouse.

What is the contribution to be made by the unorganized worker subscriber?

After joining the PM-SYM scheme, the subscriber will contribute through an “auto-debit” facility. It will be via Jan Dhan account or his/her saving bank account. This contribution will be continued till the age of 60 according to the chart given below:

What is the process to get enrolled for the scheme?

The process to get enrolled for the scheme are as follows-

1. Visit the nearby Common Service Center.
2. Make an enrollment for the PM-SYM yojana.
3. Provide self-certification with Aadhaar card & Jan Dhan bank account number.
4. Make a payment of the first subscription in cash. After that, the auto debit will be initiated.
5. The subscriber can install the mobile app or visit the web portal to access the PM-SYM service.

Facilitation center:

The PM-SYM scheme facility is available at the following-

• All the labor offices of Center and State Governments.
• All the offices of EPFO/ ESIC.
• All the office branches of LIC.

These centers will provide the full details about the scheme to unorganized workers.

How is the fund managed under the PM-SYM scheme?

The PM-SYM is a Central Government project. This scheme is managed by the Ministry of Labour and Employment.

The scheme application will be through the two members. They are

• Life Insurance Corporation of India
• Common Service Center (e-governance Services India Limited).

The LIC will be the pension manager. It will be liable to pay off the pension.

What is the exit and withdrawal provision of the scheme?

The scheme’s exit provisions have been kept adjustable. It is all because of the unstable employability nature of unorganized workers. The provisions are as follows-

• The scheme subscriber will get the share of contribution only to him with the interest rate of the savings account. It will be in case, if the scheme recipient exits the scheme before 10 years.
• The scheme recipients’ spouse can continue the scheme with regular payment contributions. It will be done if the scheme recipient dies due to any cause. The beneficiary spouse can withdraw from the scheme. It will be after receiving the recipient contribution as per the interest rate of the savings account. Moreover, the recipient can receive accumulated interest earned on the fund.
• The subscriber can exit the scheme before 60 years of age or after 10 or more years of period. Moreover, the share of contribution will be received along with interest earned on the fund. It can be received at the interest rate of the savings bank.
• The recipients’ spouse can be empowered to exit or continue the regular contribution for the scheme. It will be in the situation, if the recipient has become permanently disabled before 60 years of age.
• If the recipient and spouse are no more, the fund will be accepted the entire corpus.

What is the Default of contributions?

In the default of contributions, the subscription is allowed to adjust his/her contribution. It will be by paying the all outstanding dues and penalty charges (if any). This will happen if the subscriber has not contributed regularly in the scheme.

What is the pension pay out under the scheme?

The beneficiary can enroll in the yojana between 18-40 years of age. Till the age of 60 years, the scheme recipient has to contribute to the scheme. The beneficiary will receive the pension of Rs.3000/- monthly through DBT.

Moreover, the scheme can provide benefits of family pension as per the case.

How to address any grievance related to the scheme?

• The subscriber can call at 24*7 available customer care number, that is, 18002676888.
• In addition, the subscriber can visit the web portal or sign in to the PM-SYM app to register the complaint.

Conclusion

PM-SYM is a central sector scheme. This scheme is for unorganized workers who are engaged as cobbler, rickshaw pullers, agriculture workers, construction workers, or similar occupations. The scheme is managed by the Ministry of Labor and Employment.