- Pradhan Mantri Shram Yogi Mandhan (PM-SYM) scheme offers a monthly pension of Rs 3,000 to unorganized sector workers after 60 years.
- The scheme requires monthly contributions starting as low as Rs 55 based on the age of the applicant at enrollment.
- Registration requires Aadhaar and bank details and can be done through CSC centers or official government portals.
If you are working in the unorganized sector and looking for financial security in your old age, Pradhan Mantri Shram Yogi Mandhan (PM-SYM) scheme is designed for you. Launched in February 2019, this pension scheme ensures a fixed monthly pension of Rs 3,000 after the age of 60, making retirement financially stable for workers with low income.
Pradhan Mantri Shram Yogi Mandhan Scheme Eligibility and Benefits
If you want to enroll in PM-SYM, here are the key eligibility criteria:
- Age should be between 18 and 40 years at the time of enrollment.
- Monthly income should not exceed Rs 15,000.
- Eligible workers include street vendors, construction workers, small traders, beedi workers, agricultural labourers, domestic helpers, and other unorganized sector employees.
- Government employees and those covered under EPFO or ESIC are not eligible.
One of the best parts of this scheme is the matching contribution by the Central Government. For every amount you contribute monthly, the government will contribute an equal amount into your pension account. For example, if a member pays Rs 100 per month, the government also adds Rs 100, making the total contribution Rs 200 monthly.
The premium you pay depends on your current age at the time of joining:
- At age 18, monthly contribution is Rs 55.
- At age 29, monthly contribution is Rs 100.
- At age 40, monthly contribution is Rs 200.
You need to contribute regularly till you reach 60 years, after which you become eligible for the fixed Rs 3,000 monthly pension.
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How to Apply for Pradhan Mantri Shram Yogi Mandhan Scheme in Telangana
This scheme is managed by the Ministry of Labour and Employment with cooperation from LIC and Common Service Centres (CSCs). To register, you will need your Aadhaar card and bank account details handy.
Steps to register:
- Visit your nearest CSC center or access the official government portal related to PM-SYM.
- Fill in the application form with your personal and bank details.
- Submit the required documents, primarily your Aadhaar and bank details.
- Start paying your monthly contribution either online or through CSC centers.
You can contact your nearest CSC center for assistance or check detailed information on the official Ministry of Labour website.