Pradhan Mantri Shram Yogi Maandhan Yojana : Budget 2025
The Budget 2025-26 allocation under the PM Shram Yogi Maandhan Yojana increased by 37% compared to last year.
- It is a government scheme meant for the old-age protection and social security of unorganized workers.
- It is a Central Sector Scheme administered by the Ministry of Labour and Employment and implemented through Life Insurance Corporation of India and CSC eGovernance Services India Limited (CSC SPV).
- LIC is the Pension Fund Manager and responsible for pension pay out.
- The amount collected under the PM-SYM are invested as per the investment pattern specified by the Government of India.
- Eligibility:
- Should be an Indian Citizen
- Unorganised Workers (working as street vendors, agriculture-related work, construction site workers, workers in industries of leather, handloom, mid-day meal, rickshaw or auto wheelers, rag picking, carpenters, fishermen, etc.
- Age group of 18-40 years
- Monthly income is below Rs. 15000 and not a member of EPFO/ESIC/NPS (Govt. funded).
- It is a voluntary and contributory pension scheme.
- Each subscriber under the PM-SYM shall receive minimum assured pension of Rs 3000/- per month after attaining the age of 60
- The subscriber’s contributions to PM-SYM shall be made through ‘auto-debit’ facility from his/ her savings bank account/Jan- Dhan account.
- The subscriber is required to contribute the prescribed contribution amount from the age of joining PM-SYM till the age of 60 years.
- It is a pension scheme on a 50:50 basis where prescribed age-specific contributions shall be made by the beneficiary and the matching contribution by the Central Government.
- During the receipt of pension, if the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension received by the beneficiary as a family pension. Family pension is applicable only to spouse.
- If a beneficiary has given regular contributions and died due to any cause (before age 60 years), his/her spouse will be entitled to join and continue the scheme subsequently by payment of regular contributions or exit the scheme as per provisions of exit and withdrawal.
- Even if the subscriber wants to opt out of the scheme before 10 years, the share of the subscriber will be given back along with the interest amount accrued.
- If the subscriber opts out after 10 years but before 60 years of age, the share of the subscriber contribution, adding the accumulated interest will be given back to the candidate.
