Pradhan Mantri Shram Yogi Maandhan Yojana

About the scheme-

• PM-SYM is a Central Sector Scheme launched in 2019 and administered by the Ministry of Labour and Employment and implemented through Life Insurance Corporation of India and CSCs. 
• LIC is the Pension Fund Manager and responsible for Pension pay out. 
• It is a voluntary and contributory Pension Scheme for Unorganized Workers for entry age of 18 to 40 years with monthly income of Rs.15000 or less.
• Under this scheme, minimum assured monthly pension of Rs. 3000/- is provided to the unorganized workers after attaining the age of 60 years.
• After his/ her death, the spouse will receive a monthly family pension which is 50 % of the pension.
• If a beneficiary has given regular contribution and died due to any cause (before age of 60 years), his/her spouse will be entitled to join and continue the scheme subsequently by payment of regular contribution or exit the scheme as per provisions of exit and withdrawal.
• Under the scheme, contribution is made to the scheme on a 50:50 basis where prescribed age-specific contribution shall be made by the beneficiary and the matching contribution by the Central Government.
• Any worker who is covered under any statutory Social Security Scheme such as NPS, ESIC, EPFO and an income tax payee is not entitled to join the scheme.
• The subscriber is required to contribute the prescribed contribution amount from the age of joining the scheme till the age of 60 years.
• Unorganized workers covered under the scheme are home based workers, street vendors, head loaders, brick kiln, cobblers, rag pickers, domestic workers, washer-men, Rickshaw Pullers, Rural landless labourers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, etc.