Everyone worries about money during retirement, but not everyone has a government job with a guaranteed pension. To ease that concern, the central government has introduced the Pradhan Mantri Shram Yogi Mandhan Yojana (PM-SYM Scheme). By depositing just Rs 55 per month, you can receive a pension of Rs 3,000 per month after the age of 60. If you want to enjoy pension benefits like government employees, this scheme could be the best option for you. To learn who is eligible and how to apply, read the full article.

What is the PM-SYM Scheme?

The PM-SYM Scheme is a voluntary and contributory pension scheme launched by the Government of India, mainly for workers in the unorganized sector. Any person between the ages of 18 and 40 can apply for this scheme. By depositing a certain amount every month, you can receive a pension of Rs 3,000 per month after the age of 60. Additionally, if the beneficiary passes away, their spouse will receive 50% of the pension (Rs 1,500 per month).

Who is Eligible for the Scheme?

This scheme is designed specifically for workers in the unorganized sector. Some of the eligible professions include rickshaw pullers, agricultural workers, construction workers, bidi workers, loom workers, leather workers, cobblers, domestic workers, street vendors, and washermen. However, to qualify for the scheme, your monthly income must be less than Rs 15,000, and you should not be a member of EPFO, ESIC, or NPS.

How Much Do You Need to Deposit?

The monthly investment depends on your age:

  • 18 to 30 years: Rs 55 per month
  • 30 to 40 years: Rs 100 per month
  • Above 40 years: Rs 200 per month

Required Documents

To take advantage of the PM-SYM scheme, you need the following documents:

  • Aadhar card
  • Bank account details
  • Signed form from the Common Service Center

The first installment must be deposited in cash at the Common Service Center. After that, you can pay the installments automatically through bank debit.

How to Apply for the PM-SYM Scheme

Applying for the scheme is simple. Follow these steps:

  • Visit any Common Service Center (CSC) near you.
  • Submit your Aadhar card and bank account details.
  • Deposit the first installment amount.
  • Your PM-SYM pension account will be opened.
  • Your monthly installments will be automatically deducted from your bank account.