If you are a farmer or work in the unorganized sector and are worried about old age, then the Central Government’s Pradhan Mantri Shram Yogi Maandhan (PM-SYM) scheme can be beneficial for you. This scheme offers an opportunity to get a monthly pension of at least ₹3,000 by depositing very low monthly installments after the age of 60 years. One special thing about it is that along with your contribution, the government also contributes the same amount to your account. Let us know about the eligibility conditions, contribution information and application process for this scheme.
What is Pradhan Mantri Shram Yogi Maandhan Yojana?
Pradhan Mantri Shram Yogi Maandhan (PM-SYM) is a pension scheme launched for unorganized sector workers. Its objective is to provide regular financial support in old age to such workers who do not get the support of PF, gratuity or other similar benefit schemes. Under this scheme, the beneficiary receives a monthly pension of at least ₹3,000 after completing the age of 60 years.
Who can apply?
People between the age of 18 to 40 years whose monthly income is ₹15,000 or less are eligible for this scheme. Eligible categories include agricultural labourers, farmers, domestic workers, street vendors, rickshaw pullers, drivers, plumbers, tailors, cobblers, washermen, beedi makers and other workers in the unorganized sector.
How much is the contribution?
The amount of contribution is decided on the basis of age. If a person joins at the age of 18, he will have to deposit only ₹55 every month. In contrast, a monthly contribution of ₹200 is required for a person joining at the age of 40. One special thing is that the Central Government contributes an amount equal to the contribution of the beneficiary.
Who will not get the benefit?
People who are already under the purview of social security schemes like EPFO, ESIC or NPS cannot avail the benefits of this scheme. Also, people paying income tax are also not eligible for this scheme.
Documents required for application:
Aadhar card
Savings Bank Account or Jan Dhan Account
mobile number
how to apply?
To join the scheme, visit your nearest Common Service Center (CSC). You can register there by giving your Aadhar card, bank account information and mobile number. After depositing the first installment, your registration will be completed and Shram Yogi card will be issued.
helpline
For information or help related to this scheme, you can contact toll-free number 1800-267-6888.