March 21, 2023

Pradhan Mantri Shram Yogi Maandhan Yojana

The Pradhan Mantri Shram Yogi Maandhan (PM-SYM) Yojana is a government scheme that provides social security and old age protection for unorganized workers. It is a contributory and voluntary pension scheme for unorganized workers. The government also provides a matching contribution of the pension for this Yojana.

The pension amount provided under the PM-SYM helps unorganized workers aid their financial requirements. It is a tribute to the workers in the unorganized sectors who contribute around 50% of the nation’s Gross Domestic Product (GDP).

Unorganized workers are those individuals who are mostly engaged as home-based workers, mid-day meal workers, street vendors, or workers in similar other occupations. Let us understand a bit more about this scheme in this article

Eligibility Criteria of the PM-SYM Yojana

The eligibility criteria for obtaining benefits of the PM-SYM Yojana are as follows:

1. An individual needs to be an unorganized worker.

2. The entry age of the individual must be between 18 to 40 years.

3. The individual’s monthly income should be equal to or below Rs.15, 000.

4. The individual should not be engaged in the organized sector, i.e. not a member of EPFO, ESIC, or NPS.

5. The individual should not be an income taxpayer.

6. The individual should possess an Aadhaar card and a savings bank account or Jan Dhan account number with IFSC.

Benefits of the PM-SYM Yojana

1. Pension benefits

2. Applicants between the ages of 18 to 40 years will have to make a monthly contribution ranging between Rs.55 to Rs.200 until they attain 60 years.

3. Once the beneficiary joins the PM-SYM Yojana, he/she will have to contribute till he/she attains 60 years.

4. The subscriber/beneficiary will receive a minimum assured pension of Rs.3, 000 per month after attaining the age of 60 years.

5. The beneficiary can claim the pension amount upon attaining the age of 60. Each month a fixed pension amount gets deposited in the pension account of the respective beneficiary/individual.

6. Benefits on disablement

When an eligible subscriber has contributed to the PM-SYM regularly but becomes permanently disabled due to any reason before attaining 60 years and is unable to continue to contribute, his/her spouse will be entitled to continue the yojana by making payment of regular contribution.

The disabled subscriber who cannot continue contribution can also exit the yojana by receiving the contribution share deposited by him/her with interest as earned on the pension fund or the interest at the savings bank interest rate, whichever is higher.

PM-SYM Yojana Application Process

The steps for application to the PM-SYM yojana are as follows:

1. The interested eligible persons should visit the nearest CSC (Common Services Centre) center.

2. Activities to be undertaken w.r.t GST Compliances for FY 2021-22 in September 2022


GST Credit Note Vs Financial Credit Note
Clause by clause analysis of other disclosures in Annual GST Returns