PM-SYM Pension Scheme: The Government of India (GoI) has introduced Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) — a pension scheme — which aims to give financial freedom to a person post-retirement. This PMSYM scheme has been designed in such a way that helps those unorganised workers who don't get Employees' Provident Fund (EPF) and ESIC benefits from their employers. Hence, to bridge the gap created by this lack of retirement oriented benefits being given to the organised workers, the GoI has introduced this pension scheme for those earning individuals whose monthly income is Rs 15,000 or below.

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Big Benefit - You Pay, Government Will Pay Matching Amount 
In this pension scheme, the investor needs to pay a monthly premium till 60 years of his age and during this period, the Central Government will invest equal monthly premium in one's PM-SYM account. An investor can start investing in this pension plan from 18 years to 40 years while the superannuation will take place at the age of 60. As per the Ministry of Labour website — labour.gov.in — monthly premium is Rs 55 if your age is 18 and it goes up to Rs 200 if the investor is aged 40 years. So, as per the rule, monthly investment for 18 year old investor would be Rs 110 (Rs 55 by employee and Rs 55 by central government) while for 40 year old investor monthly investment premium will be Rs 400 (Rs 200 by employee and Rs 200 by central government).

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Features of PM-SYM Pension Scheme

This pension plan is a voluntary and contributory pension scheme, under which the subscriber would receive the following benefits:

1] Minimum Assured Pension: Each subscriber under the PM-SYM, shall receive minimum assured pension of Rs 3000 per month after attaining the age of 60 years.

2] Family Pension: During the receipt of pension, if the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension received by the beneficiary as family pension. Family pension is applicable only to spouse.

3] Death before superannuation age: If a beneficiary has given regular contribution and died due to any cause (before age of 60 years), his or her spouse will be entitled to join and continue the scheme subsequently by payment of regular contribution or exit the scheme as per provisions of exit and withdrawal.

See age wise m onthly contribution list (Souce: Official website of the Ministry of Labout — labour.gov.in):

Entry Age Superannuation Age Member's  monthly contribution (Rs) Central Govt's  monthly contribution (Rs) Total monthly contribution  (Rs)
(1) (2) (3) (4) (5)= (3)+(4)
18 60 55 55 110
19 60 58 58 116
20 60 61 61 122
21 60 64 64 128
22 60 68 68 136
23 60 72 72 144
24 60 76 76 152
25 60 80 80 160
26 60 85 85 170
27 60 90 90 180
28 60 95 95 190
29 60 100 100 200
30 60 105 105 210
31 60 110 110 220
32 60 120 120 240
33 60 130 130 260
34 60 140 140 280
35 60 150 150 300
36 60 160 160 320
37 60 170 170 340
38 60 180 180 360
39 60 190 190 380
40 60 200 200 400

Enrollment Process under PMSYM Scheme

The subscriber will be required to have a mobile phone, savings bank account and Aadhaar number. The eligible subscriber may visit the nearest Common Services Centres (CSC eGovernance Services India Limited (CSC SPV)) and get enrolled for PM-SYM using Aadhaar number and savings bank account/ Jan-Dhan account number on self-certification basis. Apart from CSC, all the branch offices of LIC, the offices of ESIC/EPFO and all Labour offices of Central and State Governments will facilitate the unorganised workers about the Scheme, its benefits and the procedure to be followed, at their respective centers.