The Pradhan Mantri Shram Yogi Mandhan (PMSYM) social scheme was launched by the Ministry of Labour and Employment (India) of the Indian government in February 2019. It is a pension programme for people in the labour class who work in the unorganised sector and are between the ages of 18 and 40. It provides eligible citizens with a regular pension after they reach the age of 60 by making minor monthly contributions.

Key Features of Pradhan Mantri Shram Yogi Maandhan (PMSYM)

Mr Piyush Goyal, India’s then-Finance Minister, inaugurated the scheme in February 2019. The program officially began on February 15, 2020.

  • Unrecognized sector workers are the type of beneficiaries who can profit from this scheme.
  • The total number of people who will benefit from this scheme is estimated to be over 42 crores.
  • The following are the contributions that must be paid to this scheme:
  • Rs. 55 per month for 18-year-olds
  • Rs. 100 per month for a 29-year-old.
  • Rs. 200 per month for 40-year-olds
  • Not eligible if you are over the age of 40.
  • Workers having a monthly salary of less than Rs. 15000 are eligible for the PMSYM plan.
  • Under this arrangement, the subscriber will receive a guaranteed pension of Rs. 3000.
  • In a given year, the maximum contribution to this scheme cannot exceed Rs 2400. (Rs. 200 per month)
  • The scheme is part of the Voluntary and Contributory Pension Scheme of the Central Government.
  • Individuals can enroll in this program by visiting a local Jan Seva Kendra (CSC). It is important to have an Aadhar number and a Jan Dhan Bank account.
  • In the event of the subscriber’s death, the beneficiary’s spouse is entitled to receive half of the pension as a family pension. Only the spouse is eligible for the family pension.
  • The exit provisions have been maintained flexible due to the unpredictable nature of workers in the unorganised sector. Even if the subscriber opts out of the scheme early, the sum will be credited with interest at the savings bank account rate or the rate at which the fund made income (if the subscriber opts out after 10 years), whichever is higher.

Enrollment process in Pradhan Mantri Shram Yogi Maandhan (PMSYM)

Those that are interested and qualify should go to the CSC in their area (Common Service Centres). CSCs can be found on the LIC, Ministry of Labour and Employment, and CSC websites’ information pages.

The documents required for enrolment are as follows:

  • Aadhar card is a government-issued identification card.
  • Details of your bank account, as well as your IFS code (one can use bank passbook or copy of bank statement as evidence of bank account)
  • For OTP verification, you’ll need a functional phone.
  • To open an account under the plan, you must make a one-time donation.
  • The Aadhar number, subscriber name, and date of birth as printed on the Aadhar card will be registered by a village-level entrepreneur (VLE) at the CSC and confirmed in the UDAI database through a demographic authorization process.
  • The system will determine the monthly contribution based on the subscriber’s age.
  • The subscriber must also pay the initial contribution amount to the VL, who will then provide the subscriber with a receipt. In the meanwhile, CSC will generate a unique SYM number and print a SYM card.
  • An enrolment form is required. The signed mandate will then be scanned and uploaded into the system by the auto debit mandate.

Who is eligible for the Pradhan Mantri Shram Yogi Maandhan (PMSYM) Program?

  • This program is for any work done in the unorganised sector.
  • The term “unorganised sectors” refers to a society in which wages are not fixed due to the irregular nature of the employment. Workers in the unorganised sector include street sellers, cobblers, brick builders, leather workers, rag pickers, rickshaw pullers, landless labourers, and beedi workers, to name a few.
  • Workers who do not have a fixed income and whose income is dependent on the work they do on a daily basis are eligible to apply for the Pradhan Mantri Shramyogi Yojana.
  • Workers in the unorganised sector with a monthly income of less than Rs 15,000 and who are between the ages of 18 and 40 are also eligible for the Pradhan Mantri Shramyogi Yojna.

Who is not eligible?

Anyone who is a taxpayer works in the organised sector or is a member of one of the following plans — NPS/EPF/ESIC

PMSYM Yojana Benefits

  • According to the candidate’s age, the government will contribute an equal amount to the scheme.
  • More than 42 crore workers in India’s unorganised sectors will benefit from this scheme.
  • Even if the candidate wants to opt out of the programme before the 10-year period, the candidate’s share, as well as any earned interest, will be returned.
  • If a candidate opts out after ten years but before reaching the age of sixty, the candidate will get a refund of their payment plus any accrued interest.
  • If a candidate makes proper contributions but passes away prematurely, his or her spouse is eligible to the scheme’s continuation. If the spouse is entitled to it, he or she is responsible for making the required additional contributions on a regular basis. If it is not practicable under any circumstances, the candidate’s contribution up to that point, plus interest, can always be taken out of the scheme.


People who work in the unorganised sector rely on daily salaries to support their families, and many find it difficult to do so as they grow older. They don’t have a pension or savings to fall back on.

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