PRADHAN MANTRI SHRAM YOGI MAANDHAN (PM-SYM)

The Pradhan Mantri Shram Yogi Maandhan (PM-SYM) scheme, launched in February 2019, is a voluntary and contributory pension scheme designed to provide old age protection to workers in the unorganised sector. It assures a monthly pension of Rs. 3000/- after beneficiaries attain 60 years of age. Eligible individuals, aged 18-40 with a monthly income of Rs. 15000/- or less, who are not members of EPFO/ESIC/NPS (contributed by Central Govt.) or income tax assessees, can join. Beneficiaries contribute 50% of the monthly premium (Rs. 55-200), with the Central Government providing a matching contribution. Enrolment is facilitated through Common Service Centres and a self-enrolment portal. The article also highlights government efforts to improve retention and participation, including integration with the eShram portal and extending the revival period for dormant accounts.