Context: Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM) completes six years.

Background:

• The scheme is a tribute to the workers in the Unorganized sectors who contribute around 50 per cent of the nation’s Gross Domestic Product (GDP).

Main points

• Pradhan Mantri Shram Yogi Maandhan (PM-SYM), is a voluntary and contributory pension scheme launched by the Government of India to provide social security to unorganised workers.
• The scheme is administered by the Ministry of Labour and Employment in collaboration with Life Insurance Corporation of India (LIC) and Common Service Centres e-Governance Services India Limited (CSC SPV) for seamless implementation. 
• LIC is the Pension Fund Manager and responsible for Pension pay out.

Key Features of PM-SYM

• Minimum Assured Pension: ?3,000 per month after 60 years of age.
• Government Contribution: The Government of India matches the worker’s contribution on a 1:1 basis.
• Voluntary and Contributory: The scheme is voluntary, allowing workers to contribute based on their affordability and requirement.
• Family Pension: If the beneficiary passes away, the spouse receives 50% of the pension amount as a family pension. Family pension is applicable only to spouse.
• Exit Provisions: Participants can exit the scheme under specified conditions.
• Easy Enrolment: Eligible workers can register at Common Service Centres (CSCs) or through the Maandhan portal.
• The contribution amount varies based on the age at the time of enrolment.
• To enroll in PM-SYM, individuals must meet the following eligibility conditions:      
  • Age Requirement: 18 to 40 years.
  • Income Limit: Monthly income should be ?15,000 or less.
  • Workers engaged Unorganised.
• Exclusion Criteria:
  • Should not be covered under the Employees’ Provident Fund (EPF), Employees’ State Insurance Corporation (ESIC), or National Pension Scheme (NPS).
  • Should not be an income taxpayer.
  • Should not be receiving benefits from any other government pension scheme.

Source: PIB