Pradhan Mantri Shram Yogi Maan-dhan 2024 Features, Benefits and Eligibility

Pradhan Mantri Shram Yogi Maan-dhan 2024

Prime Minister Narendra Modi inaugurated the Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) in February 2019, under the Ministry of Labour and Employment. The launch took place in Vastral, Gujarat. PM-SYM stands as the globe’s most extensive pension initiative, designed to safeguard the elderly and ensure social security for Unorganised Workers (UW) through a central sector scheme. Let’s Check the details of Pradhan Mantri Shram Yogi Maan-dhan.

Overview Table Of Pradhan Mantri Shram Yogi Maan-dhan

Aspects	Details
Scheme Name	Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM)
Launch Date	February 2019
Location of Inauguration	Vastral, Gujarat
Implementing Authority	Ministry of Labour and Employment
Target Beneficiaries	Unorganized Workers (UW)
Objective	Provide social security and pension benefits for elderly UW
Minimum Pension Amount	Rs. 3000/month
Eligibility Age	18-40 years
Monthly Income Limit	Below Rs. 15,000
Contributions	Monthly contributions ranging from Rs. 55 to Rs. 200 from both beneficiary and government
Pension Fund Management	Life Insurance Corporation of India (LIC) and CSC eGovernance Services India Limited

What Is Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM)?

The Pradhan Mantri Shram Yogi Maan-dhan scheme is a government initiative aimed at providing elderly protection and social security for Unorganized Workers (UW).

Unorganized Workers (UW) typically include individuals engaged in various occupations such as home-based workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washermen, rickshaw pullers, landless laborers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio-visual workers, and others. The country has an estimated 42 crore such Unorganized workers.

This voluntary and contributory PM-SYM scheme ensures that upon reaching the age of 60, beneficiaries receive a guaranteed minimum pension of Rs. 3000 per month. In the event of the beneficiary’s demise, their spouse is entitled to receive 50% of the pension as family pension, which is applicable only to the spouse.

Upon maturity of the scheme, individuals become eligible to receive a monthly pension of Rs. 3000, assisting them in meeting their financial needs. The scheme is a recognition of the significant contribution made by Unorganized sector workers, who contribute approximately 50% to the nation’s Gross Domestic Product (GDP).

Applicants aged between 18 and 40 are required to make monthly contributions ranging from Rs. 55 to Rs. 200 until they reach the age of 60. Upon reaching 60 years, individuals can claim their pension amount, with a fixed pension being deposited into their respective pension accounts every month.

प्रधानमंत्री श्रम योगी मान-धन

प्रधानमंत्री श्रम योगी मान-धन योजना सरकारी पहल है जो असंगठित कामगारों (यूडब्ल्यू) के लिए वृद्धा सुरक्षा और सामाजिक सुरक्षा प्रदान करने का उद्देश्य रखती है। असंगठित कामगार (यूडब्ल्यू) आमतौर पर विभिन्न व्यवसायों में लगे व्यक्तियों को शामिल करते हैं, जैसे कि गृह-आधारित कार्यकर्ता, सड़क के विक्रेता, मध्याह्न भोजन कार्यकर्ता, सिरे के भारवाहक, ईंट किलन कार्यकर्ता, मोची, रैग पिकर, घरेलू कामगार, धोबी, रिक्शा चलाने वाले, भूमिहीन श्रमिक, अपने खाते के कामगार, कृषि कार्यकर्ता, निर्माण कार्यकर्ता, बीड़ी कार्यकर्ता, हस्तशिल्प कार्यकर्ता, चमड़े के कार्यकर्ता, ऑडियो-विजुअल कार्यकर्ता, और अन्य। देश में लगभग 42 करोड़ ऐसे असंगठित कामगार हैं।

यह स्वैच्छिक और योगदानकारी पीएम-एसवाईएम योजना सुनिश्चित करती है कि 60 वर्ष की आयु के बाद लाभार्थियों को महीने की न्यूनतम पेंशन 3000 रुपये प्राप्त हो। यदि लाभार्थी की मृत्यु होती है, तो उनकी पत्नी को पेंशन का 50% परिवारिक पेंशन के रूप में प्राप्त करने का अधिकार होता है, जो केवल पति के लिए लागू होता है।

योजना के परिपूर्ण होने पर, व्यक्तियों को मासिक पेंशन 3000 रुपये प्राप्त होती है, जिससे उनकी वित्तीय आवश्यकताओ की मदद होती है। यह योजना असंगठित क्षेत्र के कामगारों के महत्वपूर्ण योगदान की मान्यता करती है, जो देश की कुल घरेलू उत्पादकता (जीडीपी) का लगभग 50% योगदान करते हैं।

18 से 40 वर्ष की आयु वाले आवेदकों को 60 वर्ष की आयु तक मासिक योगदान देने की आवश्यकता है, जिसमें 55 से 200 रुपये तक का योगदान शामिल है। 60 वर्ष की आयु के पहुंचने पर, व्यक्तियों को अपनी पेंशन राशि का दावा करने का अधिकार होता है, प्रतिमासिक पेंशन को उनके संबंधित पेंशन खातों में जमा किया जाता है।

PM Shram Yogi Maan-dhan Features

• Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) is run by the Life Insurance Corporation of India and CSC eGovernance Services India Limited.
• Both the beneficiary and the government contribute equally to a pension fund.
• Contributions depend on the beneficiary’s age at enrollment.
• Information about the scheme is provided at LIC branch offices, ESIC/EPFO offices, and government labor offices.
• Beneficiaries receive a guaranteed pension of Rs. 3000 at age 60.
• LIC manages the pension fund and payments.
• Favorable ‘Exit & Withdrawal’ regulations are included due to the unstable nature of unorganized sector employment.
• Contributions continue until age 60, and enrollment is handled by common service centers.
• Contributions are automatically deducted from beneficiaries’ bank or Jan Dhan accounts.

PM Shram Yogi Maan-dhan Benefits

• Beneficiaries are assured a monthly pension, with each recipient guaranteed a minimum of Rs. 3000 per month upon reaching 60 years of age.
• If the beneficiary passes away while receiving the pension, their spouse is entitled to receive 50% of the pension as a family pension.
• If a beneficiary, who has been regularly contributing, dies before the age of 60 due to any cause, their spouse can choose to continue the scheme by making regular contributions or exit as per the provisions for exit and withdrawal.

Contributions will be automatically deducted from the beneficiary’s savings bank account or Jan-Dhan account from the time they join PM-SYM until they turn 60. The Central Government will also match their contributions equally in their pension account.

Entry Age	Superannuation Age	Member’s  monthly contribution (Rs)	Central Govt’s  monthly contribution (Rs)	Total monthly contribution  (Rs)
(1)	(2)	(3)	(4)	(5)= (3)+(4)
18	60	55	55	110
19	60	58	58	116
20	60	61	61	122
21	60	64	64	128
22	60	68	68	136
23	60	72	72	144
24	60	76	76	152
25	60	80	80	160
26	60	85	85	170
27	60	90	90	180
28	60	95	95	190
29	60	100	100	200
30	60	105	105	210
31	60	110	110	220
32	60	120	120	240
33	60	130	130	260
34	60	140	140	280
35	60	150	150	300
36	60	160	160	320
37	60	170	170	340
38	60	180	180	360
39	60	190	190	380
40	60	200	200	400

Pradhan Mantri Shram Yogi Maan-dhan Eligibility

For Unorganized Workers (UW):

• Age of entry should range from 18 to 40 years.
• Monthly income should not exceed Rs. 15,000.

Should not be:

• Engaged in the Organized Sector (member of EPFO/NPS/ESIC).
• A taxpayer.

Must possess:

• An Aadhaar card.
• A Savings Bank Account or Jan Dhan account with IFSC.

Pradhan Mantri Shram Yogi Maan-dhan Enrollment Procedure

• Unorganized Workers need to visit the nearest Common Services Centre (CSC) to enroll for PM-SYM.
• Enrollment requires providing Aadhaar Card details and Savings Bank/JanDhan account number through self-certification.
• The first subscription payment is made in cash, followed by automatic debits from the next month onwards.
• In the future, Unorganized Workers will have the option to self-register for PM-SYM through the PM-SYM web portal or mobile app.
• Self-registration involves providing Aadhaar number, Savings Bank account, or JanDhan account details through self-certification.

PM Shram Yogi Maan-dhan Exit and Withdrawal

Given the challenges and unpredictable nature of employment for Unorganized Workers (UW), the scheme offers flexible exit provisions:

(i) If a beneficiary exits the scheme within less than 10 years, only the beneficiary’s contribution will be refunded to them with savings bank interest.

(ii) If a subscriber exits after 10 years or more but before reaching 60 years of age, the beneficiary’s contribution, along with accumulated interest earned by the fund or at the savings bank interest rate (whichever is higher), will be returned.

(iii) If a beneficiary, who has been making regular contributions, passes away, their spouse can choose to continue the scheme by making regular contributions or exit by receiving the beneficiary’s contribution along with accumulated interest earned by the fund or at the savings bank interest rate (whichever is higher).

(iv) In the event of a beneficiary becoming permanently disabled before reaching 60 years of age and being unable to continue under the scheme, their spouse can opt to continue the scheme by making regular contributions or exit by receiving the beneficiary’s contribution with interest earned by the fund or at the savings bank interest rate (whichever is higher).

(v) Upon the death of both the subscriber and their spouse, the entire amount will be credited back to the fund.

Conclusion

In conclusion, the Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) scheme, initiated by Prime Minister Narendra Modi in February 2019, offers vital pension benefits to Unorganized Workers (UW). It ensures a monthly pension of Rs. 3000 for eligible workers aged 18 to 40 with a monthly income below Rs. 15,000.

Contributions, matched by the Central Government, are automatically deducted from their accounts, and flexible exit provisions are in place. Enrollment is facilitated through Common Services Centres (CSCs) using Aadhaar and bank account details. Overall, PM-SYM serves as a crucial safety net, providing social security and pension benefits to Unorganized Workers.

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