The Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) is an innovative pension scheme launched by the Government of India to provide financial security to workers in the unorganised sector. This project points out the government’s dedication to social inclusion by extending pension benefits to those who are frequently left out of typical pension schemes.
This scheme is mainly for workers like street vendors, domestic helpers, and others who do not have a structured income. The PM-SYM scheme ensures that these hardworking individuals have a financial safety net in their later years of life.
Pradhan Mantri Shram Yogi Maan-Dhan Yojana Benefits
This scheme functions on a fifty-fifty contribution model, where the government puts in an amount equal to what the subscriber contributes every month. The contribution amount is determined by the subscriber’s age when they join the scheme. If a member passes away before 60, their spouse can keep the scheme going and get half of the pension amount.
Once the member is 60, they can start getting the monthly pension, which is sent to their pension account regularly. However, if a member leaves the scheme in less than 10 years, they will only get back what they contributed, plus the usual bank savings interest rate.
There are more rules for different situations. For example, if a member leaves the scheme after 10 years but before turning 60, they will get back what they contributed plus any extra money earned, whichever is more, the actual earnings from the fund or the usual bank savings interest rate.
If a member who has been paying regularly dies or becomes permanently disabled before 60, their spouse can either keep paying and stay in the scheme or leave the scheme and get back the member’s contributions plus any extra money earned, whichever is more, the actual earnings from the fund or the usual bank savings interest rate. Finally, if both the member and their spouse pass away, all the money goes back to the scheme’s fund.
PM-SYM Scheme Eligibility Criteria
The PM-SYM is designed for workers in the unorganized sector with a monthly income of less than Rs. 15,000. To be eligible, an individual must be between 18 and 40 years of age. Additionally, they should not be covered under the National Pension Scheme (NPS), the Employees’ State Insurance Corporation (ESIC) scheme or the Employees’ Provident Fund Organisation (EPFO).
How to Apply for PM-SYM Scheme?
Signing up for the PM-SYM is an easy task. People who are interested can go to the closest Common Services Centers (CSC) with their Aadhar card and either a savings bank account or Jan Dhan account number. A minimal amount is needed as the first payment to start the scheme. The CSCs help make the sign-up process smooth, ensuring it’s easy for the people coming in.
While originally, registration is done through CSCs, there are plans that provide a facility for subscribers to self-register through the PM-SYM web portal or a mobile app using their Aadhaar number and bank account details
The PM-SYM faces several challenges such as a lack of awareness among the target groups, digital literacy barriers, and the need for more extensive outreach. The success of this scheme lies in overcoming these challenges through effective communication, simplification of the enrollment process, and broader collaboration between government agencies, CSCs, and the unorganized sector.
Follow the steps given below to submit to Apply for PM SYM Scheme-
- Go to the official website i.e. www.maandhan.in.
- Click on the “login” option given in the main menu.
- On the next page, select “self-enrollment.”
- Type in your phone number and click “Proceed.”
- Fill in your name, email, and a code to prove you’re not a robot. Then, click “Generate OTP.”
- Enter the OTP you receive and click “Verify.”
- You’ll see an application form. Fill it out and click “Submit.”
Official Website of PM SYM: www.maandhan.in