PMSYM - Pradhan Mantri Shram Yogi Mandhan Yojana
PMSYM or Pradhan Mantri Shram Yogi Mandhan Yojana is an initiative of the Government of India and its Ministry of Labour and Employment. It was launched in February 2019, by Prime Minister Narendra Modi.
What is PMSYM (Pradhan Mantri Shram Yogi Mandhan Yojana)?
The PMSYM is a voluntary and contributory pension scheme that is different from the NPS (National Pension Scheme). It was introduced in the 2019 Union Budget for the unorganized sector, where subscribers receive a minimum pension amount of Rs. 3,000 each month after the age of 60. However, they will have to contribute Rs. 55-200 each month until they reach the age of 60. It is one of the Indian Government’s biggest pension plans tailored for the needs of the labour class between 18-40 years of age. It aims at offering financial security and protection to unorganized workers in their old age.
The scheme is supervised and administered by the Union Ministry of Labour and Employment and is a Central Sector Scheme. Its execution is done via CSCs (Common Service Centres) and the LIC (Life Insurance Corporation) of India. LIC also takes care of the pension payout under the scheme.
Key Features of PMSYM (Pradhan Mantri Shram Yogi Mandhan)
Here is a closer look at the major features of the Pradhan Mantri Shram Yogi Mandhan Yojana.
The PMSYM was launched in the Union Budget for 2019 and it was unveiled by Prime Minister Narendra Modi. It was made effective from 15th February 2020, and aimed at offering financial security to unorganized workers, including construction workers, street vendors, head loaders, rickshaw pullers, washermen, domestic workers, agricultural workers, handloom workers, leather workers, beedi workers, cobblers, and other occupations of a similar nature.
The pension scheme requires a contribution between Rs. 55-200 every month. There is a 50:50 ratio for deposits by the Government and subscribers. The amount may be automatically debited from the subscriber’s bank account or Jan Dhan account.
The age limit for the pension scheme is between 18 and 40. Anyone above 40 is not eligible for it. Once an individual joins this scheme, they will have to keep contributing until they reach 60.
The minimum pension amount is Rs. 3,000, and it begins once the subscriber reaches the age of 60.
The pension plan is available for those earning less than Rs. 15,000 per month.
In case the subscriber dies, the spouse will receive 50% of the pension as a family pension. This only applies to spouses and does not extend to children.
Subscribers may prematurely withdraw from the pension scheme within ten years. In this case, the contribution made by them and the interest rate from the savings account will be paid. In case a subscriber withdraws after completing 10 years but before the age of 60, the contribution made by him/her and the interest/interest from the savings bank account (whichever is more), will be paid out.
Loans cannot be availed against investments made in the PMSYM scheme.
A nominee can be added by the beneficiary while registering for the scheme.
- Scheme Launch
- Monthly Contribution
- Age Limit
- Pension Amount
- Monthly Salary
- Demise of Beneficiary
- Early Withdrawal
- Loan Facility
- Nomination Facility
Benefits of PMSYM (Pradhan Mantri Shram Yogi Mandhan) Yojana
Some of the advantages of the Pradhan Mantri Shram Yogi Mandhan Yojana include the following.
Upon reaching 60, those registered under the scheme will receive a minimum pension of Rs. 3,000.
If the subscriber passes away, the spouse will receive 50% of the pension amount as a family pension.

In case an eligible subscriber has contributed regularly and then suffers from permanent disability owing to any reason before reaching 60 years of age and is further unable to contribute, then there is a way out. The spouse can then continue with this scheme by making contributions regularly. The spouse may also exit it by getting a share of the amount deposited (contribution + interest from the pension fund/savings bank rate, whichever is more).
If the subscriber withdraws from the scheme within ten years, the contribution and interest rate from the savings account will be paid to him/her. If this is after ten years but before the age of 60, the contribution with interest or interest from the savings bank account (whichever is more) will be paid out.
- Minimum Pension
- On Death
- On Disablement
- On Early Withdrawal
Eligible Criteria for the PMSYM Scheme?
The eligibility criteria for the PMSYM scheme are the following:
- The subscriber should be a worker in the unorganized sector.
- The subscriber should be between 18 and 40 years of age.
- The monthly income of the worker should be Rs. 15,000 or less.
- The worker cannot be engaged in any organized sector, i.e. with membership of ESIC/NPS/EPFO.
- The subscriber cannot be an income taxpayer.
- Subscribers should have active mobile phone numbers and Aadhar cards.
- They should also have savings bank or Jan Dhan bank accounts with IFSC.
Enrollment Process for PMSYM (Pradhan Mantri Shram Yogi Mandhan)
Those interested and eligible may enrol for the PMSYM scheme by visiting the Common Service Centres (CSCs) that are closest to their locations. This information can be found on the LIC and Ministry of Labour and Employment websites.
Subscribers will require documents like their Aadhar cards, savings/Jan Dhan account details and IFSC code for enrollment, along with a bank passbook/ bank statement copy/cancelled cheque. They will also require an active mobile number for verifying the OTP and an initial cash contribution for opening the account.
The steps for enrollment are the following:
- The CSC VLE (Village Level Entrepreneur) will enter the subscriber’s name, Aadhar card number, and date of birth (as per Aadhar) for verification. This will be done via the UIDAI database and demographic authorization.
- The VLE will then finish the registration by entering the mobile number, bank account details, spouse and nominee information, and email address.
- After this, the system will calculate the contribution each month as per the age of the subscriber.
- The subscriber has to then pay the initial contribution amount to the VLE.
- The system will then generate the auto-debit mandate form for the subscriber to sign. The VLE will scan and upload it thereafter.
- After the process is completed, a unique SPAN (Shram Yogi Pension Account Number) will be generated. The Shram Yogi card will then be printed and handed over to the subscriber.
FAQs - PMSYM
How do I check my PMSYM balance?
The PMSYM balance can be checked by dialling *99#. This service will help you know the account balance on your registered phone number.
What is the monthly income limit for PMSYM?
To be eligible for this scheme, subscribers must earn a maximum of Rs. 15,000 per month and be between 18 and 40 years old.
How to claim PM-SYM?
Subscribers can visit their nearest Common Service Centres (CSCs). For registration, they can provide their savings/Jan Dhan account passbooks/account statements and Aadhar cards. They will also have to contribute the amount for the first month in cash to start the scheme.
How do I withdraw from PMSYM?
The subscriber or his/her spouse (in the event of the subscriber’s unfortunate demise) may visit the CSC or the LIC office nearest to his/her location. The Shram Yogi Mandhan Yojana cancellation form must be submitted stating the reasons for withdrawal. The pension funds can then be withdrawn after the scheme is closed.