What is PMSYM Yojana (Pradhan Mantri Shram Yogi Maan Dhan)

Introduction: The Government of India & Prime Minister Narendra Modi launched a very initiative Sarkari Yojana, Pradhan Mantri Shram Yogi Maan Dhan Yojana (PMSYM) on March 5. The Sarkari Yojana was announced in the interim Budget 2019 by interim Finance Minister Piyush Goyal during 2018-19 in the Interim Budget speech on February 1.

Pradhan Mantri Shram Yogi Maan Dhan

According to the PMSYM scheme, the workers in the unorganized sector with a monthly income of up to Rs 15,000 will get a pension of Rs. 3000 from the retirement age (60 years). The subscriber will have to pay a small amount of contribution during their working age.

The Government of India will also contribute an equal amount per month per person availing the scheme. From which the workers will get a pension when they become 60.

Finance Minister Piyush Goyal told that at least 10 crores labors and workers who earn up to 15000 per month will be benefited by this scheme within the next five years. He added that Pradhan Mantri Shram Yogi Maan Dhan Yojana (PMSYM) will be the world’s largest pension scheme.

The Centre had allocated Rs 500 crore for the scheme. To know how to register and subscribe, keep reading the full article-

Pradhan Mantri Shram Yogi Maan Dhan (Full Details)

Who can apply to this scheme?

The government has listed 127 occupations are eligible for Pradhan Mantri Shram Yogi Maan-Dhan yojana such as home-based-workers, agriculture workers, street vendors, rickshaw pullers, washerman, etc. You can see the full list here. https://labour.gov.in/list-professions-occupations-covered

You can apply to this scheme if your monthly income is 15000 or less and age entry group 18 to 40 years. You can’t apply to this scheme if you are an income taxpayer and should not be a subscriber of EPFO, NPS & ESIC scheme.

Benefits of PMSYM Sarkari Yojana 2019?

Under the Pradhan Mantri Shram Yogi Maan Dhan Sarkari yojana, the subscriber will get monthly assured pension of Rs.3000/- per month when they become 60 years of age. If the subscriber dies, the wife or husband of the beneficiary will receive 50% of the pension. Again, if a subscriber dies before the 60 years of age, his spouse can contribute the scheme or exit the scheme.

PMSYM Scheme Eligibility

Below are the eligibility of the PMSYM Yojana-

  • Must be 18-40 years of age group.
  • Monthly Income less than Rs 15000 per month.
  • Not an Income tax payee.
  • Should not be working in  the Organized Sector with a membership of EPF/NPS/ESIC
  • Must have a Savings Bank Account
  • Should have Aadhar Number

PMSYM Contribution Model/Illustration:

Here are the details about how much money will have to contribute according to your age. Not that Central Government will also deposit the same amount of money into your account availing the scheme which you can get after 60 years of age.

PMSYM Contribution Model

 

How to Register to this Scheme?

If you are an eligible person working in the unorganized sector, then you have to go to the nearest CSC Center.

You can find a nearest CSC center using CSC locator. Keep ready your mobile number, Aadhaar number, and a savings bank/Jan-Dhan account.

We have explained in details step by step How to get enrolled into the PMSYM Scheme.

Currently, it is not available to get enrolled yourself. Government is working towards to register yourself using the PMSYM Portal or the mobile application or self-certification basis. You will have to pay a contribution amount per month from the age of joining until the age of 60 years.

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