👷 PM-SYM
PM Shram Yogi Maan-Dhan: Voluntary and contributory pension scheme for unorganized workers.
Overview
Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) is a voluntary and contributory pension scheme designed specifically for workers in the unorganized sector.
- Launch Date: 15th February 2019 or 5th March 2019 (Launched by PM in Gujarat).
- Ministry: Ministry of Labour and Employment.
- Implementing Agency: LIC (Life Insurance Corporation of India) and CSC (Common Service Centres).
- Objective: To ensure old-age protection and social security for unorganized workers like rickshaw pullers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, etc.
Eligibility Criteria
Who can apply for this scheme?
- Occupation: Should be an Unorganized Worker.
- Age Group: Entry age between 18 and 40 years.
- Income Limit: Monthly income should be ₹15,000 or less.
- Exclusions:
- Should not be covered under any statutory social security scheme like NPS, ESIC, or EPFO.
- Should not be an Income Tax Payer.
Scheme Benefits
The scheme provides a safety net for workers in their old age:
🔐
Pro Content Locked
Upgrade to Pro to access this lesson and all other premium content.
Pro
Popular Save ₹100/mo
₹ 99 /mo
₹99 charged monthly · Cancel anytime
- All Agriculture & Banking Courses
- AI Lesson Questions (100/day)
- AI Doubt Solver (50/day)
- Glows & Grows Feedback (30/day)
- AI Section Quiz (20/day)
- 22-Language Translation (100/day)
- Recall Questions (20/day)
- AI Quiz (15/day)
- AI Quiz Paper Analysis (100/day)
- AI Step-by-Step Explanations (100/day)
- Spaced Repetition Recall (FSRS)
- AI Tutor
- Immersive Text Questions
- Audio Lessons — Hindi & English
- Mock Tests & Previous Year Papers
- Summary & Mind Maps
- XP, Levels, Leaderboard & Badges
- Generate New Classrooms
- Voice AI Teacher (AgriDots Live)
- AI Revision Assistant
- Knowledge Gap Analysis
- Interactive Revision (LangGraph)
🔒 Secure via Razorpay · Cancel anytime · No hidden fees
Overview
Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) is a voluntary and contributory pension scheme designed specifically for workers in the unorganized sector.
- Launch Date: 15th February 2019 or 5th March 2019 (Launched by PM in Gujarat).
- Ministry: Ministry of Labour and Employment.
- Implementing Agency: LIC (Life Insurance Corporation of India) and CSC (Common Service Centres).
- Objective: To ensure old-age protection and social security for unorganized workers like rickshaw pullers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, etc.
Eligibility Criteria
Who can apply for this scheme?
- Occupation: Should be an Unorganized Worker.
- Age Group: Entry age between 18 and 40 years.
- Income Limit: Monthly income should be ₹15,000 or less.
- Exclusions:
- Should not be covered under any statutory social security scheme like NPS, ESIC, or EPFO.
- Should not be an Income Tax Payer.
Scheme Benefits
The scheme provides a safety net for workers in their old age:
- Assured Pension: A minimum assured pension of ₹3,000 per month starts after attaining the age of 60 years.
- Family Pension: If the subscriber dies after the pension has started, the spouse is entitled to receive 50% of the pension (i.e., ₹1,500/month) as a family pension. (Applicable only to the spouse).
Contribution Mechanism (50:50)
This is a co-contributory scheme, meaning the Government matches your contribution.
- Subscriber's Share: The worker contributes a specialized amount based on their entry age (ranging from ₹55 to ₹200).
- Government's Share: The Central Government deposits an equal matching amount in the subscriber's pension account.
Contribution Chart (Examples)
| Entry Age | Subscriber's Contribution | Govt's Contribution | Total Monthly Deposit |
|---|---|---|---|
| 18 Years | ₹55 | ₹55 | ₹110 |
| 29 Years | ₹100 | ₹100 | ₹200 |
| 40 Years | ₹200 | ₹200 | ₹400 |
- Auto-Debit: The contribution is auto-debited from the subscriber's Savings Bank Account or Jan Dhan Account on a monthly basis.
Exit and Withdrawal Rules
What happens if you want to leave the scheme?
- Exit within less than 10 years: Beneficiary gets only their own contribution returned with savings bank interest rate (No govt share).
- Exit after 10 years but before 60: Beneficiary gets their own contribution returned with accumulated interest (Higher of Savings Bank rate or Fund earnings).
- Death before 60: The spouse can choose to continue the scheme by paying regular contributions OR exit by receiving the beneficiary's contribution with interest.
- Disability: If a subscriber becomes permanently disabled before 60, the spouse can continue the scheme or exit.
Summary Cheat Sheet
| Concept / Topic | Key Details / Explanation |
|---|---|
| Full Form | Pradhan Mantri Shram Yogi Maan-Dhan |
| Launch Date | February/March 2019 |
| Ministry | Ministry of Labour & Employment |
| Implementing Agencies | LIC (Fund Manager) + CSC (Common Service Centres) |
| Target Group | Unorganized sector workers (rickshaw pullers, vendors, domestic workers, etc.) |
| Age Eligibility | 18 to 40 years |
| Income Limit | Monthly income ≤ ₹15,000 |
| Exclusions | Not covered under NPS / ESIC / EPFO; not an IT payer |
| Assured Pension | ₹3,000/month from age 60 |
| Family Pension | Spouse gets 50% (₹1,500/month) after subscriber's death |
| Contribution Model | 50:50 (equal matching by Government) |
| Contribution at Age 18 | ₹55/month (+ ₹55 Govt = ₹110 total) |
| Contribution at Age 29 | ₹100/month (+ ₹100 Govt = ₹200 total) |
| Contribution at Age 40 | ₹200/month (+ ₹200 Govt = ₹400 total) |
| Payment Method | Auto-debit from Savings Bank / Jan Dhan account |
| Exit < 10 years | Own contribution + savings bank interest only |
| Exit 10 yrs to 60 | Own contribution + accumulated interest (higher of SB rate or fund earnings) |
| Death before 60 | Spouse can continue the scheme OR exit with interest |
| Disability before 60 | Spouse can continue OR exit |
APY vs PM-SYM: Key Differences
While both schemes target the unorganized sector and share the same entry age (18-40 years), their mechanics differ significantly:
| Feature | Atal Pension Yojana (APY) | Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) |
|---|---|---|
| Regulator / Manager | PFRDA (Ministry of Finance) | LIC & CSC (Ministry of Labour & Employment) |
| Income Limit | None (sole exclusion: Income Tax payers) | Monthly income must be ≤ ₹15,000 |
| Pension Amount | Variable: ₹1,000 to ₹5,000 (as chosen) | Fixed: ₹3,000 per month |
| Contribution Model | Solely subscriber funded (Govt match closed) | 50:50 matching by Central Government |
| Family Pension | Spouse gets 100% same pension for lifetime | Spouse gets 50% of pension (₹1,500) |
| Wealth Transfer | Nominee receives pre-defined accumulated corpus | No corpus return feature (scheme ends after spouse) |
Lesson Doubts
Ask questions, get expert answers