Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) Yojana: Eligibility, scheme details, age criteria, income range, pension, exit, withdrawal, benefits and more

The Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) scheme is meant for old age protection and the social security of unorganised workers. A worker should possess an Aadhaar card and Savings Bank Account or Jan Dhan account number with an IFSC code. The eligibility criteria should be an unorganised worker. The entry age between 18 and 40 years, and the monthly income Rs 15,000 or below.  

It is a voluntary and contributory pension scheme, under which the subscriber would receive a minimum assured pension of Rs 3,000 per month after attaining the age of 60 years. If the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50 per cent of the pension as a family pension. Family pension is applicable only to spouses.

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Exit and Withdrawal

Considering the hardships and erratic nature of employability of unorganised workers, the exit provisions of the scheme have been kept flexible.  

If he/she exits the scheme within a period of less than 10 years, the beneficiary’s share of contribution only will be returned to him with savings bank interest rate.

If the subscriber exits after a period of 10 years or more but before 60 years of age, the beneficiary’s share of contribution along with accumulated interest is actually earned by the fund or at the savings bank interest rate, whichever is higher.

If a beneficiary has given regular contributions and died due to any cause, his/her spouse will be entitled to continue the scheme subsequently by payment of regular contribution or exit by receiving the beneficiary’s contribution along with accumulated interest as actually earned by the fund or at the savings bank interest rate whichever is higher.

If a beneficiary has given regular contributions and become permanently disabled due to any cause before 60 years, and unable to continue under the scheme, his/ her spouse will be entitled to continue the scheme subsequently by payment of regular contribution or exit the scheme by receiving the beneficiary’s contribution with interest as actually earned by the fund or at the savings bank interest rate, whichever is higher.

After the death of the subscriber as well as his/her spouse, the entire corpus will be credited back to the fund.  

If a subscriber has not paid the contribution continuously, then the worker will be allowed to regularise his contribution by paying entire outstanding dues, along with penalty charges, if any, decided by the government.