What is Pradhan Mantri Shram Yogi Maan-dhan Scheme?

The PM-SYM is a non-compulsory, contributory pension plan to unorganized employees between the ages of 18-40 years with an income of up to ₹15,000 a month. It has given a guaranteed minimal pension of ₹3,000 per month after 60 with funds being managed by Central Recordkeeping Agency (CRA) and Life Insurance Corporation (LIC) as the pension fund. 

More than 30 crore employees have been registered under e-Shram enhancing awareness of schemes through LIC, EPFO and ESIC schemes.

Key Features of PM-SYM Scheme

The plan will guarantee a life long ₹ 3000 per month pension at age 60, which will be paid to the spouse at half (₹ 1500) in case of the beneficiary death. 

Contributions are automatically debited to a savings account attached to the savings account at a ratio of 50:50 between the subscriber and the government up to the age of 60 years. 

It is enrolled at Common Service Centres (CSCs) or online through maandhan.in and a PM-SYM card is issued to track the enrolment. 

It has a support number 24x7, Helpline 1800-267-6888.

What is the Eligibility Criteria for the PM-SYM Scheme?

Eligible employees should be between 18-40 years, earn not more than ₹15,000 per month and they are not members of EPFO/ESIC/NPS or have not a taxable income reported on income tax returns. 

Specific jobs are street vendors, rag pickers, domestic workers, construction labourers, beedi/cinema workers and agricultural labourers (see all list on labour.gov.in). 

Compulsory Documents: Aadhaar, mobile number associated with it, savings/jan dhan/post office account and passport photos.

Contribution Details

Monthly contributions vary by entry age, auto-debited until 60, with the government topping up equally to build the pension corpus.

The maximum contributions to 60 are pensioned; benefits minimum at 10 years.

Enrollment Process

• Step 1: Visit closest CSC or visit maandhan.in/pmsym.

• Step 2: Enter Aadhaar, bank account; biometric e- KYC check.

• Step 3: Fill online form, cash in on the first month payment (₹55-200), choose auto-debit date.

• Step 4: PM-SYM card received by post; monitor portal; registration number. Self-registration (when you have an Aadhaar linked bank account).

Benefits and Exit Options

• Main advantage: ₹3,000 secure pension on age 60, life; spouse receives ₹1,500 after benefit, with corpus left on fund passing. On permanent disability prior to age 60, spouse may either proceed or withdraw share of subscriber plus interest. 

• Exit options: 1 Before 10 years, share of subscriber + interest of bank; After 10 years, share of subscriber + interest of higher scheme interest and bank interest. Pension missed needs regularisation with dues; no pension when lapsed completely.

By March 2025, it had more than millions of enrollments, and was being promoted aggressively through 5.3 lakh CSCs and e-Shram coverage of unorganized workers. 

General Knowledge Flashcard Questions with Answers On India-UAE Bilateral Relations