The Ministry of Labour and Employment, Government of India, launched the Pradhan Mantri Shram Yogi Maandhan (PMSYM), a government-backed pension scheme, in February 2019. This initiative aims to provide financial security to workers in the unorganized sector, ensuring a regular monthly pension after the age of 60 years through affordable monthly contributions.
You may also want to know Employees Deposit Linked Insurance
This scheme targets unorganized sector workers, including:
To qualify for PMSYM, the individual:
The following individuals are not eligible for PMSYM:
You may also want to know General Provident Fund
Eligible individuals can enroll by visiting the nearest Common Service Centre (CSC) with:
The Village Level Entrepreneur (VLE) at the CSC center will assist in completing the registration process.
Workers in the unorganized sector depend on daily wages for survival, often lacking savings or pension benefits for their retirement. The PMSYM scheme ensures financial stability, allowing them to lead a dignified life post-retirement. If you qualify for this scheme, enroll early to maximize the benefits.
PMSYM stands for Pradhan Mantri Shram Yogi Maandhan, a pension scheme for unorganized sector workers.
Workers in the unorganized sector, aged 18-40 years, earning less than ₹15,000 per month, and not covered under EPF, ESIC, or NPS.
After 60 years, the subscriber will receive a monthly pension of ₹3,000.
If stopped before 10 years, the amount will be refunded with savings bank interest. If stopped after 10 years, the amount will be refunded with accumulated interest.
If the subscriber dies before 60 years, the spouse can continue the scheme or withdraw the accumulated amount with interest.
You can visit the nearest Common Service Centre (CSC) with your Aadhaar card, bank details, and mobile number to enroll.
No, salaried employees covered under EPF, NPS, or ESIC are not eligible for PMSYM.
Yes, early exit is allowed with interest, based on the number of years contributed.
Get the link to download the App
