PM Shram Yogi Mandhan Pension Yojana (PM-SYM) 2019-20

Pradhan Mantri Shram Yogi Mandhan Pension Yojana (PM-SYM) 2019-20 [Eligibility, Application Form Online Download, Premium Chart, FAQ, Portal, Status, List, Exit Policy, How to apply, Tollfree]

The central and state government offers the government employees monthly pension. The employees are entitled to attain this pension once the reach the retirement age. The pension is a steady income source that maintains a financial balance in the family. However, individuals who are professional associated with small private concerns and the unorganized area get no such benefits. To offer pension benefits to these individuals, central government implemented the Pradhan Mantri Shram Yogi Maan-dhan Yojana. This article provides registration, eligibility, premium payment and document related details.

Launch details

Name of the scheme	Pradhan Mantri Shram Yogi Maan-dhan Yojana or PMSYM
Launched in	India
Launched by	Narendra Modi
Date of announcement	February 2019
Official implementation date	June 2019
Target beneficiaries	Workers associated with organized private and unorganized sectors
Pension amount	3000Rs
Official portal	maandhan.in/shramyogi
Helpline number (Tollfree)	18002676888

Key features of the Pradhan Mantri Shram Yogi Maan-dhan Yojana

Assurance of economic stability –

The private organizations and unorganized sector do not offer any pension benefits for the workers. By registering under this scheme, such workers will be able to contribute money in their own pension fund, with the assurance of government’s security.

Pension scheme –

It is a pension project, where beneficiaries can contribute money, and get regular pension benefits, after attaining a certain age.

For unorganized sector employees –

The rules of this scheme suggest that it only permits the registration of those employees, associated with the unorganized segment.

Pension amount –

All the beneficiaries will be entitled to attain Rs. 3000 as a pension amount.

Pension payment frequency –

Like state and central government pensioners, beneficiaries of this project will attain money on a monthly basis.

Premium payment for beneficiary –

After registering for the PMSYM scheme, beneficiaries will need to make a small contribution in their pension account. This amount can be deposited on a monthly basis to eliminate financial pressure.

Government contribution –

To encourage more beneficiaries, and increase the total money accumulated in the account, the central government will make a contribution that is equal to what the beneficiary deposits.

Estimated beneficiary number –

Nearly 10 crore workers can become a part of this mega pension scheme, and ensure stress-free future.

Premium payment tenure –

A beneficiary, who wants to open a pension account under this scheme, must not be less than the legal age of 18 years. The guidelines also highlight that an interested candidate who is more than 40 years will not be able to register.

Premium amount range –

The monthly premium that every beneficiary needs to pay will vary according to the age. The minimum pension scheme premium amount is Rs. 55 and the maximum pension scheme premium amount Rs. 200.

Activation of pension fund –

Every beneficiary will start attaining the monthly pension amount in the bank account as soon as he/she becomes 60 years of age.

Family pension for spouse –

Once the main pension holder passes away, his/her spouse will attain 50% of the pension. The amount will be given as per the Family Pension rule of this scheme.

Responsibility of implementation –

Labor officers, EPFO, LIC and ESIC personnel need to ensure flawless implementation and success of this pension project.

Eligibility for Pradhan Mantri Shram Yogi Maan-dhan Yojana

Indian citizen –

Any applicant, who is a legal resident of the country, will get the opportunity to enroll for this pension project. People from all states and union territories are welcome to join this scheme.

Working in unorganized sector –

Men and women, associated professionally with the unorganized segment will only be allowed to apply and attain the benefits of this scheme.

Age criterion –

Only those individuals, who are not less than 18 years and not more than 40 years, can enroll under this pension program.

Monthly income –

The monthly salary or income of the unorganized sector worker needs to be less than or equal to Rs. 15,000.

Bank account is a must –

All such candidates who do not have a bank account are advised to open one at any bank and then register for this scheme.

Documents necessary for PM-SYM Yojana

Residential papers –

As legal Indian citizens can apply and get the perks of this pension scheme, interested applicants must produce their residential documents, issued by the state or UT authority.

Age proof –

The birth certificate or any legal document that supports the age claim need to be furnished.

Aadhar card –

Submission of the photo copy of the Aadhar card will aid in the background checking process.

Profession certificate –

Workers must furnish necessary certificate that has been issued by respective unorganized sector union office.

Salary certificate –

A certificate that shows the monthly pay of the unorganized sector worker must be submitted as well.

Details of the bank account –

The pension amount will be deposited in the beneficiary’s account via DBT. Thus, submission of bank account details is mandatory.

Application Process for PM-SYM Yojana offline

The interested applicant must tell the CSC public assistant that he/she wants to apply for the PMSYM.
The public assistant will collect the necessary documents.
He/she will check the Aadhar card details and tally it with the government database.
The public assistant will fill in the scheme form and attach the documents that the applicant submitted.
The public assistant will also calculate the payable premium for the scheme. It is directly reliant on age at which the candidate is enrolling.
Every public assistant will be given an online account. The money in this account will be used to pay the first installment.
After successful money deposition, the beneficiary must pay the equal amount to the CSC assistant.
If everything is in order, the scheme software will generate an online notification. It contains a code, and it also indicated that the registration of the applicant is successful.
Every beneficiary will receive a Pension Scheme Card from the CSC, free of cost.
The beneficiary must take this card to the bank. The bank authority will note down the details and activate auto-debit from the beneficiary’s account for premium payment.
Every month the beneficiary will get an SMS that will highlight the deduction of the premium amount from the account.

How to apply online for Pradhan Mantri Shram Yogi Maandhan Yojana?

Online Portal –
If the applicant wants to apply for the scheme, then he/she need to click on the first Pradhan Mantri Shram Yogi Maandhan Yojana Portal. It will trigger the site to open the official portal of the respective scheme.
Application process –
Once the page opens, the candidates will see a green button that is marked as “Click Here to Apply Now.” This button is located at the right bottom corner of the page.
Self-registration –
As soon as the applicant clicks on this button, a new page will open. Two options are highlighted here. One is “Self Enrollment” and the other is “CSC VLE.” Independent candidates must click on the “Self Enrollment” option.
Mobile number registration –
When the candidate clicks on this option, a login box will open up. For this, the applicant must type in his/her mobile number. Then click on the “Proceed” button.
Mobile number verification –
After this, another verification box will open. Here, the candidate needs to type in his/her name and email ID. Then he/she must enter the captcha code in the particular section, and click on then “Generate OTP” button.
Enter the OTP –
If the entered mobile number is correct, then the applicant will get the OTP in the form of an SMS. He/she must enter the new capchat code and the OTP in the respective fields, and click on the “Proceed” button.
Scheme dashboard –
After this, the main dashboard of the scheme will come up. On the right top part of this page, candidates will get the “Enrollment” option.
Scheme selection for registration –
There is a drop-down button, and as soon as the applicant clicks on it, the three scheme names will show up.
Get access to registration form –
Applicants, interested in enrolling for the Pradhan Mantri Shram Yogi Maandhan Yojana, must click on the respective scheme name. It will give them access to the application form.
Form fill up process –
The digitized application form has several sections, which must be filled in with correct details.
Form submission –
Once all the registration form sections have been filled in with only correct data, the applicant must click on the “Submit” button. It will complete the application process, and trigger the site to generate a unique registration code or a subscriber ID for the applicant.

How to check the application status?

After the online application process has been completed, the applicant must get to the dashboard of the scheme.
Once the dashboard opens, applicant will see a tab that is marked as “Complete” on the right top corner of the screen.
Once the applicant clicks on the link, the names of the three schemes will pop up.
If the candidate wants to check the application status for the Pradhan Mantri Shram Yogi Maandhan Yojana, then he/she must click accordingly.
It will trigger the site to open a new page. Here, the applicant must type in the Subscriber ID in the marked field.
Then he/she must click on the “Search” icon. This will produce the complete enrollment list of this scheme, and highlight the name of the applicant who has initiated the search.

Premium Chart for PM-SYM Yojana –

Enter age	Beneficiary Contribution (Rs)	Central Government Contribution (Rs)	Total Contribution (Rs)
18	55	55	110
19	58	58	116
20	61	61	122
21	64	64	128
22	68	68	136
23	72	72	144
24	76	76	152
25	80	80	160
26	85	85	170
27	90	90	180
28	95	95	190
29	100	100	200
30	105	105	210
31	110	110	220
32	120	120	240
33	130	130	260
34	140	140	280
35	150	150	300
36	160	160	320
37	170	170	340
38	180	180	360
39	190	190	380
40	200	200	400

Exit and withdrawal details for PM-SYM Yojana –

Within 10 years – A beneficiary may find it difficult to continue the premium payment. He/she can withdraw from the scheme within 10 years, calculated from the date of first premium payment. The beneficiary will get the sum that has accumulated in the pension account so far, along with some additional interest.
After 10 years – In case the beneficiary has contributed in the pension fund for more than 10 years but cannot do so till legal termination of the tenure, he/she can leave the scheme as well. The government will pay the premium for a few months as a bonus, and handover the accumulated money to the pension account holder.
Death before 60 years – A beneficiary may pass away while the pension scheme is active. If he/she was not of 60 years at the time of death, the spouse may collect the accumulated sum and leave the scheme. Or the spouse can pay the premium till the legal tenure termination. In that case, the spouse will become the primary pension holder.
When main holder and spouse die – If the primary and nominee pension account holders pass away, the accumulated wealth will be deposited in Amount Pension Fund. If a nominee is present that he/she will get the money.

The old age pension project, developed for unorganized segments is a commendable move by the central government. It has the potential to improve the entire financial structure of the nation. With this steady income, labors need not worry about financial constraints. They will get freedom from depending on someone else to meet their monetary requirements. The central government is also working on the development of other scheme for the elderly and poor individuals, which offer social security.

FAQ’s –

Q: What is the application procedure to enter the scheme?

Ans: Offline application through the Common Service Centers is the only way to enroll for this pension scheme.

Q: Can a beneficiary apply for any credit under the scheme?

Ans: No loan or credit can be attained against this pension scheme.

Q: How will beneficiaries pay their share in the pension fund?

Ans: The monthly contribution of the beneficiary will be debited automatically from his/her savings account.

Q: Will beneficiaries get any deposit-related slip?

Ans: The beneficiary will get an SMS on his/her mobile phone. It will act as the mini statement slip for the deposits.

Q: What will happens if any beneficiary misses premium payments?

Ans: In case any beneficiary fails to pay the premium for one or more months, then he/she can regularize the system by paying the total pending amount in a single installment.

Q: Will the beneficiary be changed any fine for missing premium payments?

Ans: If the beneficiary fails to continue regular premium payment, then he/she must pay a certain fine.

Q: What is the last date to make the premium payment?

Ans: The date on which the application was made will act at the last date for premium payment.

Q: Is there any provision to make withdrawals?

Ans: No, beneficiary will not be allowed to make any withdrawals from the pension fund. It will only generate a monthly pension.

Q: Can beneficiaries of other pension scheme, designed for the needy, take part in this scheme?

Ans: Yes. Needy people, getting pension benefits from other government schemes, can apply for PM-SYM.

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