PM-SYM (Pradhan Mantri Shram Yogi Maandhan (PM-SYM) scheme)

Source: DD News

Context: The government has introduced new features and expanded outreach efforts to improve the implementation of the Pradhan Mantri Shram Yogi Maandhan (PM-SYM) scheme.

• Recent updates include an extended revival period, flexible exit provisions, and enhanced integration with the e-Shram portal.

About PM-SYM

The Pradhan Mantri Shram Yogi Maandhan (PM-SYM) is a voluntary and contributory pension scheme aimed at providing financial security to workers in the unorganised sector.

• It is a Social Security Scheme with matching government contribution.

• Ensures a fixed monthly pension after retirement.

• Launched in the Interim Budget of 2019.

Ministry Involved

• Administered by the Ministry of Labour and Employment.

• Managed in collaboration with Life Insurance Corporation (LIC) of India and Common Service Centres (CSC SPV).

Key Features of the Scheme

• Eligibility: Workers in the unorganised sector earning up to ₹15,000 per month.

• Pension Amount: ₹3,000 per month after the age of 60 years.

• Government Contribution: Matches worker’s 1:1 contribution.

• Flexible Contribution: Ranges from ₹55/month (at age 18) to ₹200/month (at age 40).

• Family Pension: In case of subscriber’s death, spouse gets 50% pension.

• Exit Options: If exited before 10 years, refund with savings interest. If exited after 10 years but before 60, refund with accrued interest. If both subscriber and spouse pass away, the corpus is credited back to the fund.

• If exited before 10 years, refund with savings interest.

• If exited after 10 years but before 60, refund with accrued interest.

• If both subscriber and spouse pass away, the corpus is credited back to the fund.

• Enrolment Process: Aadhaar-based registration through Common Service Centres (CSCs) or Maandhan portal.

• Account Revival: Now extended to three years for workers facing financial difficulties.

Specific Key Points

• Not Applicable for: Income taxpayers. Those covered under EPF, ESIC, or NPS. Individuals already receiving government pension benefits.

• Income taxpayers.

• Those covered under EPF, ESIC, or NPS.

• Individuals already receiving government pension benefits.

• Awareness Initiatives: Integration with e-Shram, SMS campaigns, and review meetings with States/UTs.