Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM)

In the budget 2019, finance minister Mr. Piyush Goyal has announced to launch of a pension scheme called Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM). Under this scheme, the unorganized sector’s workers will be benefited for the pension. In this article, we will discuss all the scheme, who will get the advantage of the scheme.

The scheme is launched on 15th Feb 2019. In this scheme, an individual has to contribute a fixed monthly amount until the age of 60. The same amount is put into the account by the government and once the person reaches the age 60, he or she will start getting a pension for a lifetime.

You can call it a similar version of the EPF scheme wherein the employee is contributing 12 percent of his basic salary into employees provident fund and same amount is contributed by the employer. This way the worker can save money for their retirement.

Criteria for Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM)

There is a specific category of the workers who will get the benefit of the scheme. They are:

  • Agricultural workers
  • beedi workers
  • street vendors
  • home-based workers
  • cobblers
  • rag pickers
  • domestic workers
  • leather workers
  • handloom workers
  • head loaders


  • The monthly income must be Rs. 15000 or less
  • Their age group would be 18 to 40 years.
  • These people should not be under new NPS scheme or EPF scheme
  • The person should not be an income tax payer

Benefits of Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM)

  • Assured pension of Rs. 3000 after attaining the age of 60 years.
  • On the death of the subscriber, the spouse will receive 50% of the pension amount.
  • If the subscriber dies before age of 60 years, his/her spouse will be entitled to join the scheme and contribute till the pension age
  • The spouse also has an option to exit and withdraw the scheme

Worker has to link his bank account because for this contribution, there will be an auto debit from his bank account. The contribution will be from the date of joining the scheme till the time he/she attain age 60.

Below is the table showing age and the contribution till the age of 60.

Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM)

The government will credit the same amount as the subscriber deposit. As per the above table, the age specific contribution shall be made by the beneficiary and the matching contribution is given by the central government.

For example, a person subscribes to the scheme at the age of 30, he would be required to contribute Rs. 60 and the same amount will be deposited by the central government.

The subscriber will require to have a mobile phone, bank account, and Aadhaar card. User can subscribe themselves using their Aadhaar number and bank account details. The user will also have to give a self certification at the time of applicaiton.

Where to apply for Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM)

  • All offices of Life Insurance of Corporation (LIC)
  • EPFO office
  • Labour office

The user will have to visit any of the above office in order to submit the application for enrollment. By submitting aadhaar card and bank details, the application can be made at any of these centers.

Scheme Exit and Withdrawal Options

  • The subscriber exits the scheme within 10 years, then he will get only his share along with the savings bank interest rate.
  • If the subscriber exit the scheme after 10 years but before 60 years then, the beneficiary’s share of contribution along with accumulated interest as actually earned by the fund or at the savings bank interest rate whichever is higher.
  • If the subscriber has made his regular contribution but he dies due to any reason, his/her spouse will be entitled to continue the scheme or can exit the scheme.
  • After the death of the subscriber as well as his/her spouse, the entire amount will be credited to the fund.

Contact details:

For any query related to the scheme, the subscriber can contact the customer care number 1800267 6888 (24 X 7).

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