Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM): Ensuring Financial Security for India’s Unorganised Workforce

The Pradhan Mantri Shram Yogi Maandhan (PM-SYM) Yojana is a landmark initiative by the Government of India (GoI) aimed at providing financial security to unorganised workers. It is a key component of the government’s social security initiatives, ensuring universal pension coverage for workers contributing significantly to the nation’s GDP.

The scheme is implemented under the Ministry of Labour and Employment (MoL&E) in collaboration with:

• Life Insurance Corporation of India (LIC) – Fund Manager
• Common Services Centres (CSC SPV) – Implementation Partner

About PM-SYM Yojana

• Launch Year: Introduced in the Interim Budget 2019.

• Nature of Scheme: Voluntary and contributory pension scheme for unorganised workers.

• Minimum Pension Benefit: ₹3,000 per month after the age of 60.

• Eligibility:
  • Workers from the unorganised sector
  • Monthly income up to ₹15,000

• Fund Management: LIC manages the fund and disburses pensions.

Current Status (as of 2025)

• Total Registrations on e-Shram Portal (as of December 31, 2024): 30.51 crore unorganised workers.

• Top 5 States with Maximum PM-SYM Cards Issued (as of March 3, 2025):
  1. Haryana – 8,26,208
  2. Uttar Pradesh (UP) – 6,94,169
  3. Maharashtra – 6,21,500
  4. Gujarat – 3,91,043
  5. Chhattisgarh – 2,33,172

Key Features of PM-SYM

1. Government and Worker Contribution

• 1:1 Matching Contribution – The government contributes an equal amount to what the worker deposits.

• Contribution Amount Varies by Age:
  • At 18 years – ₹55/month (Government contributes ₹55)
  • At 40 years – ₹200/month (Government contributes ₹200)

2. Family Pension Provision

• If the subscriber passes away after 60, the spouse receives 50% of the pension.
• If both subscriber and spouse pass away, the corpus is returned to the fund.

3. Easy Enrollment Process

• Registration can be done at Common Services Centres (CSCs) or via the Maandhan Portal.

Eligibility Criteria

Who Can Apply?

✔️ Age Requirement: 18 to 40 years
✔️ Employment: Workers in unorganised sectors, such as:

• Street vendors, rag pickers, rickshaw pullers
• Construction workers, daily wage laborers
• Agricultural workers, artisans, etc.

Who is Excluded?

❌ Workers covered under EPF, ESIC, or NPS
❌ Income taxpayers
❌ Individuals receiving benefits from other government pension schemes

Documents Required

• Aadhaar Card
• Bank Account / Jan Dhan Account with IFSC Code
• Mobile Number

Exit and Withdrawal Rules

Note: If contributions are not made regularly, they can be resumed by clearing dues with penalty.

Implementation and Recent Developments

Government Efforts to Expand the Scheme

✔️ Periodic review meetings with states/UTs
✔️ New features introduced – Voluntary exit, revival module, claim status tracking, account statements
✔️ Revival of dormant accounts extended – From 1 year to 3 years
✔️ Donate-a-Pension Module – Employers encouraged to pay premiums for workers

Collaboration with Other Agencies

• Department of Financial Services (DFS)
• Pension Fund Regulatory and Development Authority (PFRDA)
• National Institute of Public Finance and Policy (NIPFP)

Recent Developments

📢 January 2025: Union Minister Dr. Mansukh Mandaviya chaired a National-level conference with Labour Ministers & Secretaries of States/UTs in New Delhi.

➡️ Key Announcements:

• Launch of State & UT Microsites
• Introduction of Occupational Shortage Index (OSI) under e-Shram Initiative

Conclusion

The Pradhan Mantri Shram Yogi Maandhan Yojana is a transformational initiative ensuring financial security for India’s unorganised workforce. By providing pension benefits, family support, and contributory assistance, the scheme aims to uplift millions of workers while fostering inclusive social security. With continued reforms and outreach efforts, PM-SYM is a significant step toward economic stability for India’s labor force.

🔹 Empowering Workers | Securing Futures | Strengthening India 🇮🇳