Maximize tax savings
up to ₹46,800 easily
0% commission • Earn upto 1.5% extra returns
Thank you for your response
Thank you for your response
Our representative will get in touch with you shortly.
The Pradhan Mantri Shram Yogi Maandhan (PM-SYM) Yojana is a government scheme that provides social security and old age protection for unorganised workers. It is a contributory and voluntary pension scheme for unorganised workers. The government also provides a matching contribution of the pension for this yojana.
The pension amount provided under the PM-SYM helps unorganised workers aid their financial requirements. It is a tribute to the workers in the unorganised sectors who contribute around 50% of the nation’s Gross Domestic Product (GDP).
Unorganised workers are those individuals who are mostly engaged as home-based workers, mid-day meal workers, street vendors, brick kiln workers, head loaders, cobblers, domestic workers, rag pickers, washermen, landless labourers, rickshaw pullers, own-account workers, construction workers, agricultural workers, beedi workers, leather workers, handloom workers, audio-visual workers or workers in similar other occupations.
The eligibility criteria for obtaining benefits of the PM-SYM Yojana are as follows:
When an eligible subscriber has contributed to the PM-SYM regularly but becomes permanently disabled due to any reason before attaining 60 years and is unable to continue to contribute, his/her spouse will be entitled to continue the yojana by making payment of regular contribution.
The disabled subscriber who cannot continue contribution can also exit the yojana by receiving the contribution share deposited by him/her with interest as earned on the pension fund or the interest at the savings bank interest rate, whichever is higher.
The steps for application to the PM-SYM yojana are as follows:
Step 1: The interested eligible persons should visit the nearest CSC (Common Services Centre) centre.
Step 2: The eligible persons should carry the following documents for enrollment:
Step 3: The eligible subscriber should make the initial contribution amount in cash to the Village Level Entrepreneur (VLE).
Step 4: The VLE will enter the Aadhaar number, the subscriber’s name, and the date of birth for authentication.
Step 5: The VLE will do the online registration by filling up the details such as mobile number, email, spouse details, bank account details, and nominee details.
Step 6: The self-certification for eligibility conditions should be done.
Step 7: The system will auto calculate the monthly contribution payable as per the subscriber’s age.
Step 8: The subscriber will have to pay the first subscription amount in cash to the VLE.
Step 9: The subscriber should sign the printed enrollment cum auto-debit mandate form. The VLE will scan the form and upload it into the system.
Step 10: A unique ShramYogi Pension Account Number (SPAN) will be generated, and the Shram Yogi Card will be printed.
The subscriber should make the first contribution in cash at the CSC centre. After that, the primary mode of contribution is by auto-debit every month. However, the yojana also has quarterly, half-yearly or yearly contribution provisions.