Prime Minister PMSYM Scheme 2025

Prime Minister PMSYM Scheme 2025 The Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) scheme, initiated by the Government of India, is aimed at old-age protection for unorganized workers. This pension scheme caters to the financial security requirements of people in the informal sectors who usually do not have access to any structured retirement benefits.

These workers are mostly home-based, street vendors, mid-day meal workers, head loaders, brick kiln laborers, cobblers, rag pickers, domestic workers, washermen, rickshaw pullers, landless laborers, own-account workers, agricultural laborers, construction workers, beedi workers, handloom artisans, leather workers, audio-visual industry workers, and so forth. They must have an age group of 18 to 40 years, with a monthly income not more than ₹15,000.

For availing of the PM-SYM scheme, the worker must not be covered under existing social security programs such as New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC), or Employees’ Provident Fund Organisation (EPFO). Furthermore, he should not be a income tax payer.

The PM-SYM scheme has been set to provide a secured old age to informal economy workers who do not know what will be there in their future when they have reached an old age with regard to their finance stability. Focusing on the same demographic, the government will aim for a dignified life of workers who significantly contribute to the economy but often are financially vulnerable.

Short Details About Prime Minister PMSYM Scheme 2025

Full Details About this Job:

Eligibility and Features of the Scheme for Unorganized Workers

Eligibility Criteria

For Unorganized Workers (UW):

This scheme is specifically designed for individuals working in the unorganized sector. To qualify for the scheme, the applicant must meet the following eligibility criteria:

1. Entry Age: The applicant’s age must fall between 18 to 40 years.
2. Monthly Income: The applicant’s monthly income should not exceed Rs. 15,000.

Key Features

Assured Pension

The scheme offers a guaranteed monthly pension of Rs. 3,000, ensuring financial stability for participants after retirement.

Voluntary and Contributory Pension Scheme

This scheme operates on a voluntary and contributory basis, allowing participants to make manageable monthly contributions.

Government’s Matching Contribution

The Government of India plays a pivotal role by providing matching contributions equal to the beneficiary’s contribution, significantly enhancing the fund’s value.

Contribution Details

Participants are required to contribute monthly amounts ranging from Rs. 55 to Rs. 200 based on their age at entry. Contributions continue until the subscriber reaches 60 years of age.

Regularizing Missed Contributions

In cases where a subscriber has missed contributions, they can regularize their account. This requires paying the outstanding dues along with any penalty charges prescribed by the government.

Pension Payout

• Once enrolled, participants contribute to the scheme until they reach 60 years of age. Upon reaching this milestone, they are entitled to receive a monthly pension of Rs. 3,000 through Direct Benefit Transfer (DBT).
• The scheme also includes a family pension component. In the event of the subscriber’s demise, their spouse will continue to receive 50% of the pension amount as a family pension.

Benefits of the Scheme

Minimum Assured Pension

The scheme guarantees a pension of Rs. 3,000 per month to all beneficiaries after they reach 60 years of age.

Provision in Case of Death Before 60

If a subscriber passes away before reaching the age of 60, their spouse has two options:

• Continue the Scheme: The spouse can opt to continue contributing to the scheme and later claim the benefits.
• Exit the Scheme: Alternatively, the spouse can exit the scheme and receive the beneficiary’s contributions along with the accumulated interest or savings bank interest rate, whichever is higher.

Withdrawal Benefits

• Exit Before 10 Years: If a subscriber exits the scheme within 10 years, only their share of contributions will be returned, along with the applicable savings bank interest rate.
• Exit After 10 Years but Before 60: Subscribers exiting after 10 years or more but before the age of 60 will receive their contribution along with the actual earned interest or savings bank interest rate, whichever is higher.

Disability Benefits

If a subscriber becomes permanently disabled and cannot continue under the scheme:

• The spouse can choose to continue the scheme by making regular contributions.
• Alternatively, the spouse can exit the scheme and receive the beneficiary’s contributions along with interest as earned by the fund or savings bank interest rate, whichever is higher.

Post-Subscriber Death Benefits

Upon the demise of both the subscriber and their spouse, the entire corpus accumulated under the scheme will revert to the fund.

Exclusions

The scheme is not available to individuals who fall under the following categories:

1. Income Tax Payers: Individuals who pay income tax are excluded from the scheme.
2. ESIC Members: Members or beneficiaries of the Employees’ State Insurance Corporation (ESIC) are ineligible.
3. EPFO Members: Members or beneficiaries of the Employees’ Provident Fund Organisation (EPFO) cannot participate in the scheme.

Enrollment Process and Prerequisites

To enroll in the scheme, applicants must fulfill specific prerequisites and follow a straightforward process:

Required Documents

1. Aadhaar Card: A valid Aadhaar card is mandatory for authentication.
2. Bank Account Details: Applicants need to provide their savings or Jan Dhan account details, including the IFSC code. Acceptable proofs include a bank passbook, a cheque leaf, or a bank statement.
3. Initial Contribution: The first contribution must be made in cash to the Village Level Entrepreneur (VLE) during the enrollment process.

Step-by-Step Enrollment Process

1. Authentication: The VLE will input the applicant’s Aadhaar number, name, and date of birth as printed on the Aadhaar card for authentication.
2. Data Entry: The VLE will complete the online registration by capturing essential details, including:
   • Bank account information.
   • Mobile number and email address.
   • Spouse and nominee details, if applicable.
3. Self-Certification: Applicants must self-certify their eligibility conditions.
4. Monthly Contribution Calculation: The system will automatically calculate the monthly contribution amount based on the applicant’s age.
5. First Payment: The applicant will make the first subscription payment in cash to the VLE.
6. Enrollment Confirmation: An enrollment cum auto-debit mandate form will be generated. The applicant must sign this form, which will then be scanned and uploaded into the system by the VLE.
7. Issuance of SPAN: A unique Shram Yogi Pension Account Number (SPAN) will be generated. Additionally, a Shram Yogi Card will be printed and provided to the beneficiary.

By following these steps, eligible unorganized workers can enroll in the scheme and secure their financial future with the assurance of a steady pension post-retirement. The scheme not only provides a safety net for the unorganized workforce but also includes provisions for spouses, ensuring family security even in the case of unforeseen circumstances.

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