Pradhan Mantri Shram Yogi Maandhan Yojana (PMSYM)

What is PMSYM?

Pradhan Mantri Shram Yogi Maandhan Yojana (PMSYM) is a monthly pension scheme meant to offer financial protection and social security to Unorganized Workers (UW) in their old age. 

The Unorganized Worker (UW) saves a part of their monthly income to the PMSYM scheme during their prime years of employment. The government also contributes an equal sum to the pension fund of the worker.

An Unorganized Worker (UW) is defined as a person working in the unorganized sector or an employee of organized sector who is not covered under any Acts mentioned under Schedule-II. Some of the notable acts under this schedule are the Payment of Gratuity Act, Employee’s State Insurance Act, and EPF Act.

Features of PM Shram Yogi Maandhan Yojana (PMSYM)

Let us understand some important features of the PMSYM scheme in the table below:

Eligibility Criteria

To enrol in the PM Shramyogi Maandhan Yojana, one must meet the following criteria:

Benefits of PM Shram Yogi Maandhan Yojana

The PMSYM provides the beneficiaries with financial assistance in their old age or upon disablement. Let us learn the specific conditions in the table below:

Note: Upon the demise of both the subscriber and their spouse, the Shram Yogi Maandhan Fund corpus is credited back to the PMSYM funds.

How to Apply for PMSYM?

The unorganised workers can enrol in the Pradhan Mantri Shramyogi Maandhan Yojana in the following way:

Method- I: Visiting Common Service Centre (CSC)

Step 1: Visit nearby CSC e-Governance Special Purpose Vehicles (SPVs).

Step 2: Provide all the relevant documents at the CSC to help them register your enrolment:

• Aadhar Card

• Savings account/ Jan-Dhan account details (Account passbook/ Cheque leaflet/ bank account statement)

• IFSC code of the savings bank account

Step 3: Pay in cash the initial contribution sum to the Village Level Entrepreneur (VLE) at the CSC.

Step 4: The VLE fills in the required details to authenticate the subscriber:

• Aadhar number

• Name of the subscriber

• Date of Birth (DoB)

Step 5: Upon authentication of the subscriber, the VLE fills in the following details to register the subscriber:

• Mobile number

• Email id

• Details of Spouse

• Bank account details

• Details of Nominee

Step 6: The subscriber self-certifies to fulfil the eligibility criteria.

Step 7: The PMSYM registration system will display the automatically calculated monthly contribution based on the entry age of the subscriber.

Step 8: The subscriber pays in cash the 1st subscription instalment to the VLE.

Step 9: The subscriber signs the print copy of the enrolment form and the form mandating auto-debit of instalments.

Step 10: The VLE scans the application form and uploads it to the PMSYM system.

Step 11: The system generates a unique Shramyogi Pension Account Number (SPAN). The VLE will print and give the Shram Yogi Maandhan Card to the subscriber.

Wrapping It Up

Employment in unorganised sectors brings in irregular income flow making the workers and their family’s lives financially vulnerable. PMSMY benefits such people. It is important for those people to invest in the scheme who want to secure funds for future. PMSMY is a scheme for all employees of unorganized sector.

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