All you need to know about PM-SYM pension scheme

Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) is a government pension scheme for unorganised workers that admits unorganised workers in the age group of 18-40 years with a monthly income up to Rs. 15,000. It also offers a minimum guaranteed pension of Rs. 3,000 a month
after the subscriber turns 60. However, the worker should not be covered under any scheme like NPS, Employees' State Insurance Corporation scheme or Employees' Provident Fund Organisation Scheme, among other requirements, according to the EPFO. 

Here are key features to know about the pension scheme PM-SYM:

1. How to join pension scheme Pradhan Mantri Shram Yogi Maan-Dhan

Eligible individuals may visit the nearest common service centre to enrol under the PM-SYM, according to the provident fund body's website.

2. Benefits of PM-SYM Yojana

After making regular contributions to the scheme till attaining the age of 60 years, the subscriber gets a minimum monthly pension of Rs. 3,000. In the event of the death of the subscriber, the spouse receives a monthly pension of an amount equal to 50 per cent of the subscriber's pension.

3. Who can subscribe to PM-SYM?

Unorganised workers including home-based workers, street vendors, brick kiln workers, cobblers, landless labourers, agricultural workers and construction workers not liable to pay income tax can subscribe to the PM-SYM pension scheme, according to the EPFO website. The applicant should be in the age bracket of 18-40 years and not have a monthly income of more than Rs. 15,000, according to the regulator.

4. Number of contribution years

PM-SYM Yojana requires the subscriber to contribute to the account till turning 60, which means contributions for a period ranging from 20 years to 42 years is required under the pension scheme.

5. The role of insurance major LIC

Life Insurance Corporation (LIC) is the fund manager for the pension scheme and is the service provider for the payment of pension to the subscriber.

6. PM-SYM document requirements

The applicant is required to submit the Aadhaar number and bank account number along with the passbook to join the scheme, according to the EPFO. The enrolment is done on a self-certification basis, without submission of proof of age or income, and a false declaration may attract appropriate penalty, EPFO noted on its website. The subscriber is also required to submit the consent form for the auto-debit facility.

7. PM-SYM subscriber contribution

At a median entry age of 29 years, the subscriber is required to contribute Rs. 100 per month towards the pension scheme PM-SYM, according to EPFO. The contribution amount ranges from Rs. 55 to Rs. 200 per month. The central government provides makes an equal contribution to the account. (Also read: Find out how much contribution a PM-SYM subscriber needs to make to reach the pension goal.