Pradhan Mantri Shram Yogi Maandhan Yojana (PMSYM) - Eligibility, Benefits, and How to Apply

As an unorganised sector worker in India, you might worry about financial stability after retirement. However, you need not worry if you are signed up for the Pradhan Mantri Shram Yogi Maandhan Yojana (PMSYM). The Indian government established a scheme to give you a regular monthly pension. You must comprehend how it operates, who is eligible to apply, and the advantages it provides if you're considering participating. Once you grasp these details, applying for and benefiting from the PMSYM will be a breeze. It's all about gaining the knowledge to harness this opportunity effectively.

Overview of the PMSYM Scheme

Pradhan Mantri Shram Yogi Maandhan Yojana (PMSYM) is a revolutionary step taken by the Indian government to ensure social security for workers in the unorganised sector. The scheme was initiated on 15 February 2019, and it aims to provide a stable source of income for such workers once they reach old age.

The key features of the PMSYM scheme that you should be aware of are:

• Guaranteed Pension: You are assured of receiving a monthly pension of Rs. 3000 once you're 60 years old.
• Equal Contribution: Both you and the government contribute equally towards the pension account. This means if you contribute Rs. 100 per month, the government will also contribute Rs. 100, thus doubling your investment.
• Family Pension: In the unfortunate event of your death, your spouse can receive a family pension. This ensures your family's financial safety, even when you're not around.
• Voluntary Scheme: PMSYM is a voluntary scheme. This means you can join or leave the scheme per your needs.
• Wide Coverage: This scheme covers many unorganised sector workers, including street vendors, rickshaw pullers, domestic workers, and more, thus extending social security benefits to the ones who need it the most.

Eligibility Criteria for PMSYM

Find the eligibility criteria for the PMSYM scheme below.

• Age Criteria

As a potential applicant for the PMSYM scheme, you need to be within the age group of 18 to 40 years. The scheme is specifically designed for people within this age bracket to provide maximum benefits to the workers in their old age.

• Income Limit

Another significant criterion is your income. If you're an unorganised sector worker earning less than Rs.15,000 a month, you can apply for the PMSYM scheme. It's aimed at helping low-income workers secure their future.

• Other Conditions for Eligibility

As an applicant, you should not be covered under the National Pension Scheme, the Employees' State Insurance Corporation scheme, or the Employees' Provident Fund Organisation. Also, you should not be an income taxpayer. The PMSYM scheme is meant to benefit workers who do not have any statutory social security scheme coverage.

• Workers Not Eligible for PMSYM

Not everyone can apply for the PMSYM scheme. You're not eligible to apply if you're already a member of any statutory social security scheme or an income taxpayer. The same applies if you're already a beneficiary of a similar pension scheme sponsored by the Central Government. The objective of the PMSYM scheme is to aid workers who do not have the support of any other pension scheme.

Benefits of the PMSYM Scheme

Here are the benefits of becoming a member of the PMSYM scheme.

• Guaranteed Monthly Pension

You are assured of a minimum monthly pension of Rs. 3000 once you attain 60 years of age. This aims to provide security and dignity in your old age. No matter how the economy performs, your pension amount remains fixed and dependable.

• Family Pension Benefits

In the unfortunate event of your death, your spouse receives 50% of your family pension. This provision ensures that your loved ones are financially secure and their livelihood is protected in your absence.

• Empowering the Unorganised Sector

If you are a part of India's vast unorganised sector, the PMSYM is especially beneficial for you. It aims to bring financial stability and social security to street vendors, rickshaw pullers, construction workers, and more who often lack any form of retirement savings.

• Boosting Social Security in India

By participating in the PMSYM, you contribute to the broader effort of enhancing social security in India. This scheme empowers you and millions of other workers with financial independence in your senior years, promoting overall societal welfare.

Procedure to Apply for PMSYM

Applying for the PMSYM scheme is not that difficult. Here are the steps to help you with the application process.

Gathering Your Required Documents

As a first step, ensure you have all the required paperwork. These generally include your Aadhaar card, savings or Jan Dhan bank account details, and mobile number. Remember, the authorities will use these details to process your application, so ensure all the information is current and correct.

Applying Online: Step-by-Step Process

Step 1: Visit the Portal

Start by visiting the official website of the Labour Ministry, Government of India. Look for the option 'Pradhan Mantri Shram Yogi Maandhan Yojana' and click on it.

Step 2: Enter Your Details

You must next provide all the necessary information. This contains your name, birthday, cellphone number, email address, and Aadhaar number. Ensure you fill in all the details accurately to avoid issues later.

Step 3: Confirm Your Details

The computer will request your confirmation when you have input all the necessary information. Double-check everything before proceeding.

Step 4: Complete the Contribution Process

Setting up your contributions to the plan is the last step. The system will guide you through this process.

Applying Offline: How to Go About It

If you're more comfortable applying offline, that's an option too. You can visit the nearest Common Services Centre (CSC) and seek assistance from the officials there. They will walk you through every step of the procedure, including completing the application form and organising your donations. You'll need your Aadhaar card and bank account details like the online method.

Contribution Chart and Understanding the Calculation

• Understanding the Contribution Chart

As a PMSYM participant, you must regularly contribute to your account. The contribution chart helps you determine the exact amount.

• How to Use the Contribution Chart

Find your age on the chart, then look across to see your monthly contribution. You will pay this amount per month.

• Example of Contribution Calculation

Suppose you're 29 years old. Your monthly contribution is INR 100, and the government matches this, making your total monthly investment INR 200.

• Government's Matching Contribution

Remember, the government will match your monthly contribution, doubling your investment towards the pension scheme.

Conclusion

Understanding the Pradhan Mantri Shram Yogi Maandhan Yojana (PMSYM) is essential for India's unorganised workers. By enrolling in this scheme, you can secure a comfortable future. Don't let this opportunity pass. Check your eligibility, understand the benefits, and start your application process today. Remember, it's your step toward a financially stable retirement.

FAQs

Q: What documents do I need to apply for the PMSYM scheme?

A: To apply for the PMSYM scheme, you need a mobile number, Aadhaar card, and savings bank account or Jan Dhan account number with IFSC.

Q: How much do I need to contribute to the PMSYM scheme?

A: Your contribution depends on your age. If you're 18, you contribute Rs 55 a month; if you're 40, you contribute Rs 200 a month. The government matches your contribution.

Q: When can I start receiving the pension from the PMSYM scheme?

A: You can start receiving the monthly pension of ₹3000 after reaching 60. You won't get any payments prior to that.

Q: What happens to my PMSYM scheme if I die before turning 60?

A: If you die before reaching 60, your spouse can continue or exit the scheme. If your spouse chooses to continue, they will receive the same pension after you would have turned 60.

Q: Can I withdraw my contributions from the PMSYM scheme before turning 60?

A: You can exit the scheme before turning 60, but conditions apply. If you've been in the scheme for less than 10 years, you'll get your share of the contributions back with a savings bank interest rate. If it's been over 10 years, you'll get your share of contributions plus accumulated interest or actual returns, whichever is higher.

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