Pradhan Mantri Shram Yogi Mandhan Yojana (PM-SYM) was established in Yogi Maandhan by the Finance Minister Mr. Piyush Goyal. It is a government program for the safety and social security of unorganized workers in their later years. On February 15, 2019, the Pradhan Mantri Shram Yogi Maandhan Yojana went into effect. Beneficiaries applying under the Pradhan Mantri Shram Yogi Mandhan Yojana 2022 must be between the ages of 18 and 40. This scheme is not available to government workers, the Employees Provident Fund (EPF), the National Pension Scheme (NPS), or members of the State Employees Insurance Corporation (ESIC). Shramyogi who participates in this program should not be a taxpayer. Read below to check the detailed information related to the Pradhan Mantri Shram Yogi Mandhan Yojana like Highlights, Objectives, Features and Benefits, Eligibility Criteria, Application Procedures, and much more.
Pradhan Mantri Shram Yogi Mandhan Yojana (PM-SYM) 2022
Workers in the unorganized sector face numerous economic challenges. The government runs a variety of programs to help people overcome these obstacles. The Pradhan Mantri Shram Yogi Mandhan scheme is essentially a pension scheme for unorganized sector workers. All unorganized sector workers with a monthly income of less than Rs. 15000 will be eligible for a pension under the PM Shram Yogi Mandhan Yojana. Workers in the unorganized sector, such as drivers, rickshaw pullers, cobblers, mid-day meal workers, tailors, laborers, street vendors, home-based workers, head loaders, brick kiln workers, agricultural workers, construction workers, beedi workers, domestic workers, landless laborers, own-account workers, and furnace workers, can benefit from the PM Shram Yogi Maandhan Yojana. In the country, there are around 42 crore unorganized employees. After reaching the age of 60, the beneficiaries will receive a monthly pension of 3000 rupees under this scheme.
Also Check: Donate-a-Pension Scheme
Highlights of Pradhan Mantri Shram Yogi Mandhan Yojana
|Scheme Name||Pradhan Mantri Shram Yogi Mandhan Yojana (PMSYM)|
|Introduced by||Finance Minister Mr. Piyush Goyal|
|Language||प्रधानमंत्री श्रम योगी मानधन योजना|
|No of beneficiary||10 Crore approximate|
|State||All Over India|
|Beneficiaries||Unrecognized sector Workers of India|
|Contribution||Rs 55 per month to Rs 200 per month|
|Pension amount||Rs 3000 per month|
|Major Benefit||36000 Rs Pension Yearly|
|Scheme Objective||Unorganized Workers’ (UW) Social Security and Old-Age Protection|
|Scheme under||State Government|
Objectives of PM Shram Yogi Mandhan Yojana
The scheme’s main goal is to provide financial security to persons who do not have other sources of income. This can be used by local doctors, drivers, plumbers, cobblers, tailors, rickshaw drivers, washermen, and agricultural laborers. After reaching the age of 60, such people will be entitled to a monthly pension of at least 3 thousand rupees.
Also Check: EPFO Pension Scheme
Benefits of PM Shram Yogi Mandhan Yojana
Some of the key benefits of the Pradhan Mantri Shram Yogi Mandhan Yojana (PM-SYM) 2022
- Workers will now be eligible for a central government pension.
- To participate in this scheme, you need to make a monthly contribution of Rs 55.
- By investing just Rs 2 per day in this scheme, you can get a pension of Rs 36,000 each year.
Features of Pradhan Mantri Shram Yogi Mandhan Yojana
Some of the key features of the Pradhan Mantri Shram Yogi Mandhan Yojana (PM-SYM) 2022 are as follows:
- People who work in the unorganized sector will be able to register pension accounts and contribute money regularly under this system.
- The system emphasizes that those who are interested must deposit a specified amount into a pension account. Applicants who join the scheme at the age of 18 would be required to contribute Rs. 55 each month until they reach the age of 60.
- When the scheme matures, the participant will automatically be entitled to a monthly pension of Rs. 3000. It will assist pension holders in meeting their financial obligations without difficulty.
- The federal government will contribute an equivalent amount to the amount offered by the worker in the pension chart. When they reach the age of 60, they will be eligible for a pension.
- The applicant would be able to take advantage of the scheme after he or she attains the age of 60. Every month, a specific pension sum will be deposited into the individuals’ pension accounts.
- According to estimates from the central government, the successful implementation of this mammoth pension system will provide financial assistance to about 10 crore people who work in the unorganized sector.
- The minister went on to say that the central government has already allocated out Rs. 500 crore for the execution of this program.
- Any interested candidate who has reached the age of 18 will be eligible to deposit money in the program for 40 years, according to the scheme.
Applicants who want to apply for the PM-SYM must fulfill the eligibility criteria put forward by the Government of India. The eligibility criteria for Pradhan Mantri Shram Yogi Mandhan Yojana (PM-SYM) 2022 are as follows:
- The applicant must be an Indian citizen
- The applicant must be between the ages of 18 and 40. The younger you are the less premium you will have to pay and the better the profits you would receive.
- The applicant’s monthly income must not exceed INR 15,000.
- Anyone who does not have a steady income and relies solely on daily pay belongs to the unorganized sector like Vegetable vendors, cobblers, bidi makers, handloom workers, construction workers, and landless laborers are eligible to apply.
- The applicant must not be a taxpaying citizen.
- To enroll in this scheme, you must have a savings bank account and an Aadhar card
- Applicant must have a working mobile number
While filling up the application form for PM-SYM some important documents will be needed by the applicants, make sure to keep them handy. The documents required for Pradhan Mantri Shram Yogi Mandhan Yojana (PM-SYM) 2022 are as follows:
- Passport size photo
- Aadhar Card
- Identity card
- Mobile number
- Postal address
- Savings Bank Account / Jan Dhan account number with IFSC
Premium Amount in Shram Yogi Mandhan Yojana
|Entry Age||Superannuation Age||Member’s monthly contribution (Rs)||Central Govt’s monthly contribution (Rs)||Total monthly contribution (Rs)|
Steps to Apply for Pradhan Mantri Shram Yogi Mandhan Yojana (PM-SYM) 2022
Applicants need to follow the below-given steps to apply for the Pradhan Mantri Shram Yogi Mandhan Yojana (PM-SYM) 2022:
- First of all, go to the PM-SYM Website of the Pradhan Mantri Shram Yogi Mandhan Yojana
- The homepage of the website will open on the screen.
- Click on the link Click here to apply now.
- A new page will open on the screen.
- Now, click on the Self Enrollment option.
- Once you will click on the Self Enrollment option, a small dialog box will open on the screen.
- Enter your Mobile Number.
- Now, click on the Proceed button.
- Once you will click on the Proceed button,
- Enter your Name and Email id.
- After that enter the captcha code and click on the Generate OTP button.
- Once you will click on the Generate OTP button, an OTP will be sent to your registered mobile number.
- Now, enter the received OTP in the specified space and click on the Verify button.
- After successful verification, an application form will open on the screen.
- Now, fill in the form with all the required details.
- Upload all the required documents in the JPEG form.
- Now, review and recheck the application form to avoid any mistakes.
- Finally, click on the Submit button to complete the application process.
- Now, take the printout of the submitted application form and save it for future reference.
For further details or in case of any query or complaint related to the Pradhan Mantri Shram Yogi Mandhan Yojana (PM-SYM) 2022, feel free to contact on the below-given details:
Joint Secretary and Director General (Labour Welfare) Ministry of Labour and Employment Government of India
- Helpline Number: 1800 267 6888
- Email Id: email@example.com | firstname.lastname@example.org