Six Years of Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM) Completion

Six Years of Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM) Completion

The Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM) has completed six years, offering universal pension coverage and financial security for unorganized workers, contributing to a more inclusive social security system in India. The unorganized sector accounts for around 50% of the nation’s GDP, with over 30.51 crore workers registered on the e-Shram portal as of 2024.

About PM-SYM

• Ministry: A Central Sector Scheme launched in 2019 by the Ministry of Labour and Employment.
• Objective: A voluntary, contributory pension scheme ensuring a minimum monthly pension of Rs. 3,000 after the age of 60.
• Pension Fund Manager: Life Insurance Corporation of India (LIC).
• Enrollment: Available at Common Service Centres or through the Maandhan portal.
• Contribution by Subscriber: Made through an auto-debit facility from a savings bank or Jan-Dhan account.

Other Features:

• Family Pension: If a subscriber passes away while receiving the pension, the spouse will receive 50% of the pension amount.
  • If the subscriber dies before the age of 60, their spouse can continue the scheme by making regular contributions or exit the scheme according to the withdrawal provisions.
• Donate-a-Pension Module: This initiative encourages employers to pay premiums for their staff to increase scheme enrollment.

Implementation and Current Status:

• Coverage: Available in 36 States/UTs.
• Enrollments: Approximately 46,12,330 enrollments as of March 2025.
• Top 3 States: Haryana, Uttar Pradesh, and Maharashtra.

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