Exploring PM Shram Yogi Mandhan Yojana | Secure Your Future With Pension of INR 3000 Per Month

PM Shram Yogi Mandhan Yojana is a pioneering initiative by the Government of India aimed at providing financial security to workers in the unorganized sector during their old age. Launched with the vision of ensuring a dignified life post-retirement, this scheme holds immense significance for millions of workers across various industries. Let’s explore!

PM Shram Yogi Mandhan Yojana

PM Shram Yogi Mandhan Yojana: An Introduction

1. What is PM Shram Yogi Mandhan Yojana?

The Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM) is a voluntary and contributory pension scheme launched by the Government of India in 2019. It aims to provide old age protection and social security to unorganized sector workers in India. This includes individuals working in professions like:

  • Construction
  • Street vendors
  • Domestic workers
  • Rickshaw pullers
  • Agricultural laborers
  • Handloom weavers, etc.

2. Objectives of the Scheme:

The PM-SYM scheme was launched with the following key objectives:

  • Provide a guaranteed monthly pension of Rs. 3000 to eligible unorganized sector workers after attaining the age of 60 years.
  • Promote financial security and well-being for these workers who often lack regular income and social security benefits.
  • Encourage saving habits among unorganized sector workers for their future.
  • Reduce dependence on family and government support during old age.
Key Features of PM-SYM:
  • Voluntary participation: Workers can choose to join the scheme at their own will.
  • Contributory scheme: Workers contribute a monthly amount based on their age, with the government matching their contribution.
  • Assured monthly pension: After reaching the age of 60, eligible beneficiaries receive a fixed monthly pension of Rs. 3000.
  • Family pension: In case of the beneficiary’s death, the spouse receives 50% of the pension amount as a family pension.



PM Shram Yogi Mandhan Yojana Eligibility

PM Shram Yogi Mandhan Yojana Eligibility

1. Age Limit:

  • You must be between the ages of 18 and 40 years old at the time of enrollment.

2. Monthly Income Criteria:

  • Your monthly income from your occupation in the unorganized sector must be Rs. 15,000 or less.
  • For self-employed shop owners, retail owners, and other vyaparis, your annual turnover should not exceed Rs. 1.5 crore.

Additional Requirements:

  • You must possess a valid Aadhaar card linked to your bank account.
  • You should not be covered under any other social security scheme like EPFO, ESIC, or NPS.
  • You will need to contribute a monthly amount based on your age (ranging from Rs. 42 to Rs. 291) to the scheme. The government will match your contribution.


PM Shram Yogi Mandhan Yojana Benefits

PM Shram Yogi Mandhan Yojana Benefits

1. Pension Benefits:

  • Guaranteed monthly pension of Rs. 3,000: Upon reaching the age of 60, eligible beneficiaries receive a fixed monthly pension of Rs. 3,000 to provide financial support during their retirement years.
  • Early exit provision: If you exit the scheme prematurely after contributing for at least 10 years, you will receive your contributions back along with savings bank interest.
  • Family pension: In case of the beneficiary’s unfortunate death after the age of 60, the spouse receives 50% of the pension amount as a family pension. This provides some form of financial security for the surviving spouse.

2. Financial Security for Unorganized Sector Workers:

  • Regular source of income: The assured monthly pension offers a predictable and reliable source of income during old age, which can be crucial for unorganized sector workers who often lack regular income and savings.
  • Reduced dependence on family and government: The pension helps reduce dependence on family members or government support for financial needs during retirement.
  • Peace of mind and dignity: Knowing that they have a guaranteed income for their future can provide mental security and peace of mind to unorganized sector workers, allowing them to live their golden years with greater dignity and independence.
  • Incentive for savings: The scheme encourages saving habits among unorganized sector workers, which can benefit them not only during retirement but also for unforeseen circumstances.
Additional Benefits:
  • Tax benefits: Contributions made to the PM-SYM scheme are eligible for tax deduction under Section 80CCD(1) of the Income Tax Act, 1961.
  • Life cover: Some versions of the scheme offer a life cover for the enrolled beneficiary, providing additional financial security to the family in case of death.

Overall, the PM Shram Yogi Mandhan Yojana offers significant benefits to unorganized sector workers by providing a guaranteed pension, promoting financial security, and offering peace of mind for their future.


How to Apply for PM Shram Yogi Mandhan Yojana

PM Shram Yogi Mandhan Yojana Enrollment Card

1. Registration Process:

There are several ways to register for the PM-SYM scheme:

A. Through Common Service Centers (CSCs):

This is the most common and easiest method. Visit your nearest CSC with the following documents:

  • Aadhaar Card: Ensure it’s linked to your bank account.
  • Bank Account Details: Account number, IFSC code, and bank passbook (optional).
  • Mobile Phone Number: Required for OTP-based verification.

♦The CSC operator will assist you with the online registration process.
♦You will need to provide basic information like age, occupation, and income.
♦After verifying your details, the CSC operator will initiate the registration and provide you with an acknowledgment receipt.

B. Through Self-Employed Seva Portal (ESEP):
  • Visit the ESEP website (https://labour.gov.in/pm-sym) and register yourself.
  • Find the “PM-SYM” section and click on “New Registration.”
  • Fill out the online application form with the required details.
  • You will need to upload scanned copies of your Aadhaar card and bank passbook.
  • After submitting the form, you will receive a confirmation email.
C. Through UMANG App:
  • Download the UMANG app on your smartphone and register yourself.
  • Search for “PM-SYM” and click on “Enroll Now.”
  • Fill out the online application form.
  • You will need to provide your Aadhaar number and verify it through OTP.
  • After submitting the form, you will receive a confirmation notification.
D. Through Bank Branches:
  • Some banks allow enrollment through their branches. Contact your bank to inquire about their PM-SYM enrollment process.

2. Required Documents:

  • Aadhaar Card (must be linked to your bank account)
  • Bank Account Details (account number and IFSC code)
  • Mobile Phone Number (for OTP verification)
  • Bank Passbook (optional, but helpful for verification)
Additional Notes:
  • You can also download the PM-SYM mobile app and register yourself directly.
  • Ensure you meet the eligibility criteria before applying.
  • Keep all necessary documents handy while registering.
  • Carefully review your information before submitting the application form.

For the latest information and detailed procedures, I recommend visiting the official PM-SYM website: https://maandhan.in/



PM Shram Yogi Mandhan Yojana: Contribution and Pension Amount

1. Contribution Rates:

The amount you contribute to the PM-SYM scheme depends on your age at the time of enrollment. The younger you are when you join, the lower your monthly contribution will be. Here’s a breakdown:

Entry AgeMonthly Contribution by Member (Rs.)Government Contribution (Rs.)

Total Monthly Contribution (Rs.)**



2. Pension Amount Calculation:

The PM-SYM scheme offers a fixed monthly pension of Rs. 3,000 to eligible beneficiaries after they reach the age of 60. This amount is not calculated based on individual contributions.

However, it’s important to understand that the Rs. 3,000 pension amount is fixed as of now. It might not keep pace with inflation in the future, potentially reducing its purchasing power over time.

Additional Points:
  • You can contribute through auto-debit from your linked bank account, ensuring timely contributions.
  • There are no additional charges or fees associated with contributing to the scheme.
  • If you exit the scheme prematurely (before 10 years) after contributing for at least 10 years, you will receive your contributions back along with savings bank interest.



Comparison of PM Shram Yogi Mandhan Yojana with other Pension Schemes

It’s important to compare PM-SYM with other pension schemes to understand its unique features and suitability for your needs. Here’s a breakdown of variations and similarities with some common schemes:

SchemePM-SYMAtal Pension Yojana (APY)NPS for Traders & Self-EmployedEPFOESIC
Target AudienceUnorganized sector workersAll citizensSelf-employed traders & shopkeepersEmployed in organized sector industries

Employed in specific hazardous industries

Age Eligibility18-40 years18-60 years18-40 years18-58 years18-50 years
Income EligibilityMonthly income up to Rs. 15,000No income limitAnnual turnover of up to Rs. 1.5 croreEmployed in covered establishments

Employed in covered establishments

ContributionVoluntary, fixed based on age (Rs. 42-291)Voluntary, chosen by individual (Rs. 60-5000)Mandatory, 10% of income (employer contributes same)Mandatory, 12% of wages (employer contributes 2.35%)

Mandatory, 0.75% of wages (employer contributes 4.75%)

Government ContributionYes, matching member contributionNoYes, matching member contribution (up to Rs. 5000)NoNo
Pension AmountFixed – Rs. 3000 per monthVariable – chosen by individual at enrollmentFixed – Rs. 3000 per monthVariable – based on salary and contributions

Variable – based on salary and contributions

Family Pension50% of the pension to a spouse after beneficiary’s deathNo50% of the pension to a spouse after the beneficiary’s deathYes, to spouse/dependent children

Yes, to spouse/dependent children

Early ExitAfter 10 years, get your contributions back with interestNoAfter 3 years, get 60% of the corpus with interestYes, under certain conditions

Yes, under certain conditions

Tax BenefitsDeduction under Section 80CCD(1)Deduction under Section 80CCD(1)Deduction under Section 80CCD(1)Deduction under Section 80ENo deduction



  • All the schemes provide some form of retirement income and social security.
  • Most offer tax benefits on contributions.
  • Some offer family pension benefits.


  • PM-SYM and NPS for Traders & Self-Employed are specifically designed for self-employed individuals, while APY and EPFO/ESIC are for different categories of employed individuals.
  • PM-SYM and NPS for Traders & Self-Employed offer a fixed pension amount, while APY and EPFO/ESIC provide variable pensions based on contributions.
  • PM-SYM has lower income eligibility limits compared to other schemes.
  • Contribution amounts and government matching contributions vary across schemes.

Choosing the right scheme:

The best scheme for you depends on your circumstances, income, needs, and retirement goals. Consider factors like:

  • Age and years until retirement
  • Desired pension amount
  • Risk tolerance
  • Income level
  • Existing Social Security coverage



Challenges and Criticisms of PM Shram Yogi Mandhan Yojana (PM-SYM)

1. Implementation Issues:

  • Low awareness and outreach: Despite government efforts, awareness about the scheme remains limited among many target beneficiaries, especially in rural areas and remote locations.
  • Complex enrollment process: The enrollment process, particularly through CSCs, can be confusing and time-consuming for individuals with limited digital literacy or access to technology.
  • Financial exclusion: The fixed income limit of Rs. 15,000 excludes many informal sector workers who might have irregular or fluctuating income.
  • Limited outreach to women: Due to cultural and social barriers, women working in the informal sector might face challenges in accessing information and enrolling in the scheme.
  • Lack of clarity on long-term sustainability: Concerns exist about the long-term financial sustainability of the scheme, considering the fixed pension amount and potential demographic shifts.

2. Suggestions for Improvement:

  • Enhance awareness campaigns: Utilize diverse communication channels like local radio, street plays, and community outreach programs to increase awareness in rural and remote areas.
  • Simplify enrollment process: Streamline the online and offline enrollment procedures to make them user-friendly and easily accessible.
  • Expand income eligibility: Consider revising the income limit to encompass a wider range of informal sector workers, potentially with tiered contribution options.
  • Target women-specific outreach: Design targeted information campaigns and enrollment drives addressing specific needs and challenges faced by women in the informal sector.
  • Ensure transparency and accountability: Regularly share information about the scheme’s finances, investment returns, and long-term sustainability plans to build trust and confidence among beneficiaries.
  • Explore alternative funding options: Consider potential partnerships with private companies or financial institutions to explore innovative funding models and ensure the scheme’s long-term viability.
  • Index pension amount to inflation: Implement mechanisms to adjust the pension amount periodically to keep pace with inflation and maintain its purchasing power in the future.
  • Provide additional benefits: Consider offering optional add-on benefits like life insurance or accidental death cover to enhance the scheme’s attractiveness and provide comprehensive protection.

It’s important to note that these are just some of the challenges and suggestions for improvement. The PM-SYM is still evolving, and the government is continuously working to address these issues and improve the scheme’s effectiveness. Ultimately, the success of the scheme will depend on its ability to effectively reach and benefit the millions of unorganized sector workers it aims to serve.


Future Prospects and Expansion Plans for PM Shram Yogi Mandhan Yojana (PM-SYM)

While the PM-SYM has faced its share of challenges since its launch in 2019, the government remains committed to improving and expanding the scheme to reach more unorganized sector workers and ensure their financial security in retirement. Here’s a glimpse into some prospects and expansion plans:

Government Initiatives:

Raising the entry age:
  • In 2022, the government increased the maximum entry age from 40 to 48 years, allowing more individuals to join the scheme and benefit from early contributions.
Relaxing eligibility criteria:
  • There are ongoing discussions to explore expanding the income limit and include more categories of informal workers not currently covered under the scheme.
Promoting digital enrollment:
Partnering with stakeholders:
  • Collaborations with banks, microfinance institutions, and NGOs are being explored to leverage their reach and networks for wider outreach and enrollment support.
Financial literacy campaigns:
  • Initiatives are underway to educate unorganized sector workers about the scheme’s benefits, enrollment process, and responsible financial planning for retirement.
Exploring alternative funding models:
  • The government is looking into potential partnerships with private entities or utilizing innovative investment strategies to ensure the scheme’s long-term financial sustainability.


Future Prospects:

Increased enrollment:

  • With continued government efforts and wider awareness, the number of enrollees is expected to rise significantly in the coming years.

Enhanced outreach:

  • Reaching women workers, geographically remote areas, and specific vulnerable groups within the informal sector will be a key focus for future expansion plans.

Technological advancements:

  • Utilizing digital platforms and mobile technology can potentially streamline enrollment, claims processing, and communication with beneficiaries.

Integration with other social security schemes:

  • Exploring linkages with existing schemes like Ayushman Bharat or Jan Dhan Yojana could offer additional benefits and wider coverage to informal sector workers.

Overall, the PM-SYM holds promise in providing much-needed social security and financial security for millions of unorganized sector workers in India. The government’s commitment to addressing existing challenges, expanding outreach, and exploring innovative solutions will be crucial in determining the scheme’s long-term success and impact.


Conclusion: PM Shram Yogi Mandhan Yojana – A Stepping Stone Towards Secure Retirements

The Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM) aims to offer a vital safety net for India’s vast unorganized sector workforce, providing them with a guaranteed monthly pension in their golden years. While the scheme is relatively new and faces challenges in implementation and outreach, it has the potential to make a significant difference in the lives of millions.

Key Takeaways:

  • The scheme offers a fixed monthly pension of Rs. 3,000 after reaching the age of 60, promoting financial security and reducing dependence on others.
  • It encourages financial planning and savings habits among unorganized sector workers, who often lack formal benefits.
  • Government initiatives like raising the entry age, partnering with stakeholders, and exploring digital enrolment aim to improve its reach and effectiveness.
  • Challenges like low awareness, limited outreach, and financial sustainability need to be addressed to ensure the scheme’s long-term viability.

Future Outlook:

  • Increased enrollment, enhanced outreach, and technological advancements are expected to contribute to the scheme’s growth and impact.
  • Potential expansion of eligibility criteria and integration with other social security schemes could offer even broader coverage and benefits.
  • The success of PM-SYM ultimately depends on addressing existing challenges, ensuring long-term financial sustainability, and building trust among beneficiaries.

Overall, PM-SYM represents a crucial step towards securing the future of unorganized sector workers in India. Its success will hinge on continued government commitment, innovative solutions, and active participation from the target beneficiaries.



Q. Can I enroll in PM Shram Yogi Mandhan Yojana if I already have a pension from another scheme?
A. No, individuals who already receive pensions from other schemes are not eligible for enrollment in PM Shram Yogi Mandhan Yojana. This criterion ensures that the benefits of the scheme are directed towards those who currently lack coverage under any pension scheme.

Q. Is there any provision for disability pension under the scheme?
A. PM Shram Yogi Mandhan Yojana primarily focuses on providing pensions for old age and does not include provisions for disability pensions. However, individuals with disabilities may explore other government schemes designed to address their specific needs and requirements.

Q. What happens if I am unable to make regular contributions towards my pension fund?
A. If a beneficiary encounters difficulties in making regular contributions towards their pension fund due to circumstances like loss of employment or financial constraints, provisions are in place to address such situations. The scheme allows for a grace period during which contributions can be made without any penalty.

Q. Are there any tax benefits associated with the scheme?
A. Yes, contributions made towards PM Shram Yogi Mandhan Yojana are eligible for tax benefits under Section 80CCD of the Income Tax Act, 1961. This provision allows individuals to claim deductions on their taxable income, thereby reducing their overall tax liability.

Q. How can I track the status of my pension contributions and benefits?
A. Beneficiaries can easily monitor the status of their pension contributions and benefits through the official PM Shram Yogi Mandhan Yojana portal or mobile application. These platforms provide comprehensive information regarding contribution history, pension accruals, and other relevant details.

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