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Pradhan Mantri Shram Yogi Maandhan Yojana was launched in February 2019 to provide financial aid to unorganized sector worker in their old age.
PWOnlyIAS
March 11, 2025
Pradhan Mantri Shram Yogi Maandhan (PM-SYM) Yojana is a government-backed pension scheme aimed at providing financial security to unorganised sector workers in their old age. Launched in February 2019, this voluntary and contributory pension scheme ensures that workers receive a minimum monthly pension of ₹3,000 after the age of 60.
In India, a large section of the workforce is engaged in unorganised sectors, such as street vending, construction, and domestic work, with little or no social security. PM-SYM was introduced to bridge this gap and ensure that these workers have a stable source of income post-retirement.
The PM-SYM Yojana is a pension scheme designed for workers in the unorganised sector, helping them secure their future with a regular pension. It is a voluntary and contributory scheme where both the worker and the government contribute equally towards the pension fund.
Under this scheme, eligible workers deposit a fixed amount monthly based on their age at the time of enrollment, and the government matches this contribution. Upon turning 60 years old, they start receiving ₹3,000 per month as a pension. If the beneficiary passes away, the spouse is entitled to receive 50% of the pension as a family pension.
PM-SYM offers several benefits to unorganised workers, ensuring a financially stable future. The scheme provides a minimum assured pension and is easy to enroll in.
To enroll in PM-SYM Yojana, workers must meet certain eligibility conditions related to age, income, and employment type. The scheme primarily targets workers in the unorganised sector who do not have access to formal pension schemes.
The contribution to the PM-SYM scheme varies based on the age at which a worker enrolls. The earlier one joins, the lower the contribution required. The government contributes the same amount as the worker each month.
| Entry Age | Monthly Contribution (by worker) | Govt. Contribution |
| 18 years | ₹55 | ₹55 |
| 25 years | ₹80 | ₹80 |
| 30 years | ₹105 | ₹105 |
| 35 years | ₹150 | ₹150 |
| 40 years | ₹200 | ₹200 |
Once a worker turns 60 years old, they start receiving a ₹3,000 monthly pension for life.
The Pradhan Mantri Shram Yogi Maandhan Yojana was introduced with the goal of providing social security to workers in the unorganised sector. The scheme aims to reduce old-age financial instability and improve the standard of living of low-income workers.
The Pradhan Mantri Shram Yogi Maandhan (PM-SYM) Yojana is a government-backed pension scheme.The scheme ensures a fixed monthly pension of ₹3,000 after the age of 60 years. It is a voluntary and contributory scheme, where both the worker and the government contribute equally to the pension fund. Here we have highlighted the key benefits of the PM-SYM scheme:
| Key Benefits of PM-SYM Yojana | |
| Benefit | Details |
| Guaranteed Pension | Workers receive a monthly pension of ₹3,000 after 60 years of age. |
| Equal Government Contribution | The Government of India contributes an equal amount for every contribution made by the worker. |
| Family Pension for Spouse | In case of death of the beneficiary, the spouse receives 50% of the pension as a family pension. |
| Affordable Contribution | Workers contribute ₹55 to ₹200 per month, depending on their age at enrollment. |
| No Employer Dependency | Workers can enroll independently without requiring employer contributions, unlike EPF or NPS. |
| Financial Security in Old Age | Ensures dignified and independent living for low-income unorganised workers post-retirement. |
| Simple and Easy Enrollment | Workers can register through Common Service Centres (CSCs) with Aadhaar and bank details. |
| Withdrawal & Exit Options | If a subscriber exits before 60 years, they receive their contributed amount with interest. |
| Death Before 60 Years | The spouse can continue the scheme or withdraw the total contribution with interest. |
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