New Delhi: The Government of India’s Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) scheme is its flagship pension scheme to ensure old age protection for unorganised workers in the country. According to the Ministry of Labour and Employment (the ministry which oversees the PM-SYM scheme), the person who would invest in this pension scheme will get “Minimum Assured Pension” of Rs 3,000 every month after he attains the age of 60. The person will get the pension or the superannuation amount till the time he would be alive.
PM-SYM age criteria
The contributor of this scheme should be at least 18 years of age, while the maximum age to start the investment is 40. The scheme holder would have to regularly invest untill the age of 60 in this voluntary and contributory scheme to get Rs 3,000 pension.
PM-SYM Minimum investment
The GoI has set a minimum monthly contributory amount which the subscriber needs to invest according to his age to get a minimum pension of Rs 3,000. Lets see, how much one should invest to get a lifelong pension of a minimum of Rs 3,000:
Suppose, one starts investing at the age of 18, then to earn Rs 3,000 pension, the individual needs to regularly invest minimum of Rs 55 every month till he turns 60. But, if he starts investing at the age of 29, then, he would have to invest Rs 100 every month. This will be clear from the following table which shows how much one needs to invest every month to earn Rs 3,000 minimum pension.
Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) chart
Entry Age
Superannuation Age
Member’s Montdly Contribution (Rs)
Central Govt’s Montdly Contribution (Rs)
Total Montdly Contribution (Rs)
(1)
(2)
(3)
(4)
(5)= (3)+(4)
18
60
55
55
110
19
60
58
58
116
20
60
61
61
122
21
60
64
64
128
22
60
68
68
136
23
60
72
72
144
24
60
76
76
152
25
60
80
80
160
26
60
85
85
170
27
60
90
90
180
28
60
95
95
190
29
60
100
100
200
30
60
105
105
210
31
60
110
110
220
32
60
120
120
240
33
60
130
130
260
34
60
140
140
280
35
60
150
150
300
36
60
160
160
320
37
60
170
170
340
38
60
180
180
360
39
60
190
190
380
40
60
200
200
400
Source: Ministry of Labour and Employment
PM-SYM Enrollment Process
One can enroll under PM-SYM via both offline and online modes. One can visit Gol’s Common Services Centres (CSC) to get enrolled under this assured pension scheme. One can also get enrolled under this scheme online at “https://maandhan.in/maandhan/login”
PM-SYM Documents Required
Following documents are mandatory to get enrolled under PM-SYM :
Mobile phone
Savings bank account passbook, number
Aadhaar number
As of May 12, 2024, total of 44.97 lakh citizens have enrolled under this scheme.
Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) scheme benefits: With Rs 55 monthly contribution, a person can get minimum monthly pension of Rs 3,000 after turning 60. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
