Final Up to date on Dec 6, 2024 by Aishika Banerjee
Pradhan Mantri Shram Yogi Mandhan (PMSYM) is a government-backed pension scheme to assist Unorganised Staff(UW). This social initiative by the Ministry of Labour and Employment the place eligible residents ought to make month-to-month contributions to this scheme to get a pension after attaining the retirement age of 60 yrs. On this article, learn in regards to the PMSYM scheme, its options, eligibility, and extra.
What’s PMSYM?
The PMSYM full kind is Pradhan Mantri Shram Yogi Mandhan. It’s a voluntary pension scheme for the labour class of 18 to 40 yrs. The subscribers must make a daily contribution of Rs. 55 to Rs. 200 per thirty days till they attain 60 yrs. After retirement, it affords a minimal pension of Rs. 3,000. The implementation can be via the Life Insurance coverage Company of India (LIC) and PMSYM Widespread Providers Centres (CSC). The LIC handles the payout of the pension.
Overview of PMSYM
| Rate of interest | As per financial institution’s financial savings accounts rate of interest |
| Minimal steadiness | Zero steadiness account |
| Age eligibility | 18 to 40 yrs |
| Minimal pension after retirement | Rs. 3,000 per thirty days |
| Untimely withdrawal facility | Out there |
Options of PMSYM
The important thing options and advantages of the PMSYM are as follows:
1. Month-to-month contribution
An everyday month-to-month contribution of Rs. 55 to Rs. 200 is made in direction of the PMSYM scheme. The contribution varies with the age of the contributor, as given beneath:
- For people of 18 yrs, the contribution is Rs. 55 per thirty days
- For people of 29 yrs, the contribution is Rs. 100 per thirty days
- For people of 40 yrs, the contribution is Rs. 200 per thirty days
- People above 40 yrs are ineligible for this scheme
Within the PMSYM, the contributor and the central authorities make equal contributions. The contribution quantity can be auto-debited out of your checking account or the Jan Dhan account. Additionally, the utmost contribution can’t be greater than Rs. 2,400 per yr.
2. Pension quantity
On attaining the age of 60 yrs, you’ll cease contributing to the scheme and get a pension of at the least Rs. 3,000 per thirty days.
3. The demise of the beneficiary
On this case, the contributor’s partner will get 50% of the pension as a household pension. Solely the partner can obtain the household pension, not the kids.
4. Withdrawal
As a result of inconsistent nature of labor within the unorganised sector, you possibly can exit the scheme prematurely.
- When you exit the scheme inside 10 yrs of the subscription, you’ll obtain your contribution and the rate of interest from the financial savings account.
- Suppose you exit the scheme after 10 yrs of the subscription (earlier than 60 yrs of age). In that case, you’ll obtain both the contribution with curiosity or the curiosity from the financial savings account (whichever is increased).
5. On disablement
If the common contributor turns into completely disabled earlier than 60 yrs, the partner is allowed to proceed the scheme and make a contribution. The partner can exit the scheme by receiving both the contributions made with the curiosity or the curiosity as per the financial savings account charge (whichever is increased).
Advantages of PMSYM
The next advantages a person can avail underneath the PMSYM scheme –
- A pension quantity is offered to the person after they attain the age of 60.
- The Authorities will contribute equally to the scheme as a person primarily based on the person’s age.
- If a person desires to decide out of the scheme earlier than 10 yrs, the entire contribution made by the person, together with curiosity accrued, can be given again to them.
- There isn’t any want to keep up a steadiness. It’s a zero-balance account.
Eligibility of PMSYM
The PMSYM scheme is for each employee within the unorganised sector. Road distributors, head loaders, handloom staff, rickshaw pullers, washermen, beedi staff, agricultural staff, home staff, building staff, cobblers, leather-based staff, and many others., are just a few examples of unorganised sectors. On this sector, the month-to-month revenue is dependent upon the employee’s every day work; therefore, there aren’t any mounted wages. As the employees don’t have a hard and fast revenue, they should meet the PM Shram Yogi Mandhan Yojana eligibility standards to avail themselves of the PM Shram Yogi Yojana advantages.
- You ought to be working within the unorganised sector.
- The entry age for this scheme is between 18 and 40 yrs.
- Your month-to-month revenue ought to be Rs. 15,000 or lower than that.
- The subscriber ought to have an energetic cellular quantity and an Aadhar card.
- It’s essential to have a financial savings account or a Jan Dhan account.
People who’re tax-payers or engaged within the organised sector or are members of the Workers’ Provident Fund Organisation (EPFO), Workers’ State Insurance coverage Company (ESIC), or Nationwide Pension System (NPS) are ineligible for the PMSYM scheme.
Contributions made in direction of PMSYM
The person contributions to PMSYM shall be made via the ‘auto-debit’ facility from their financial savings checking account or Jan Dhan account. This PMSYM chart reveals the PMSYM scheme particulars of entry age-specific month-to-month contributions –
| Entry Age | Superannuation age (Numbers of years of contribution) | Member’s month-to-month contribution (Rs.) | Central Govt’s month-to-month contribution (Rs.) | Whole month-to-month contribution (Rs.) |
| A | B | C | D | (E)= (C)+(D) |
| 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 |
PMSYM registration course of
There are two methods to register for the PMSYM scheme: self-registration or CSC. The self-registration could be performed on-line, whereas offline registration could be performed on the PMSYM CSC.
1. PMSYM registration steps via CSC (offline)
The eligible and people should go to the close by PMSYM Widespread Providers Centres. The checklist of the centres can be accessible on LIC or the Ministry of Labour and Employment web sites. Carry the required paperwork and observe the steps given beneath to register for the PMSYM scheme:
- On the CSC, the Village Degree Entrepreneur (VLE) will enter your identify, Aadhaar quantity, and date of beginning into their portal. All these particulars ought to align with the information accessible on the Aadhaar card for authentication.
- As soon as private particulars are verified, you’re required to supply different info like checking account particulars, cellular quantity, partner and nominee particulars, and e-mail deal with.
- The system will robotically calculate the month-to-month contribution in response to your age.
- You should pay the primary contribution in money.
- The VLE will present the enrollment and auto-debit mandate kind to signal. The signed kind can be scanned and uploaded to the system.
- You’ll get the distinctive Shram Yogi Pension Account Quantity (SPAN) and a Pradhan Mantri Shram Yogi card.
2. PMSYM self-registration (on-line)
You’ll be able to register for the PMSYM scheme on-line on the Ministry of Labour and Employment web site. Observe these steps for the PMSYM on-line registration:
- Go to MAANDHAN web site
- Click on on self-enrollment
- Enter your cellular quantity on which you’ll be getting an OTP
- When you log in, you can see a number of choices like “new registration”, “incomplete enrollment”, and “full enrollment”.
- Since you’re registering for the primary time, click on on “New registration”
- Enter different particulars just like the identify of the applicant, Aadhar card quantity, deal with, cellular quantity, gender, date of beginning, nominee particulars and financial institution particulars
- When you fill in all of the required particulars, you possibly can apply and take a print of the identical.
Paperwork required for PMSYM registration
- A financial savings account or Jan Dhan account particulars with an IFSC code. Take a replica of the financial institution passbook, financial institution assertion, or cancelled cheque.
- Aadhar card
- An energetic cell phone
- Carry some money for the preliminary contribution
The best way to verify the PMSYM steadiness?
You’ll be able to conduct a PMSYM account steadiness verify on-line on the UMANG web site and observe the steps given.
- Go to the UMANG login portal
- Enter your registered cellular quantity
- You’ll be able to log in via M-pin, or OTP acquired in your cellular
- When you log in, you will discover the PMSYM account steadiness and conduct a PMSYM account standing verify on-line for previous transactions on the account.
In case of fee failure
If a person fails to make a contribution frequently, they will regularise their contributions by paying the excellent dues and fines (if levied by the federal government.)
In case of queries
To handle any grievances associated to the scheme, the person can contact buyer care at 1800 267 6888, which can be accessible 24/7. The online portal/app will even have the power for registering complaints.
On a closing be aware
Folks dwelling on every day wages could have a tough time after retirement. Therefore, with this government-backed scheme, they will look ahead to brighter golden years forward.
Steadily Requested Questions About PMSYM
1. Can we get a mortgage on the PMSYM scheme?
No. There isn’t any mortgage facility offered on the PMSYM scheme. This scheme goals to financially assist the labour class of the nation on the time of retirement.
2. What occurs if there aren’t any common contributions made to the PMSYM scheme?
Within the case of irregular contributions, there can be a penalty charged. The month-to-month contribution and penalty can be auto-debited out of your financial savings account.
3. Are the Pension Provident Fund (PPF) contributors eligible for the PMSYM scheme?
Sure. Pension Provident Fund contributors are eligible for the PMSYM scheme. However it’s obligatory to fulfill the eligibility standards of the PMSYM scheme to be a contributor.
4. Can we get the PMSYM card reprinted?
Sure. You’ll be able to reprint the PMSYM card on-line on the UMANG web site. Log in to the account together with your registered cellular quantity and discover the cardboard reprint possibility on the portal.
5. Is the Aadhar card a compulsory doc for the PMSYM scheme?
Sure. It’s obligatory to have an Aadhar card for the applicant to subscribe to the PMSYM scheme as it’s used to confirm the applicant’s particulars.
6. What’s the rate of interest supplied on the PMSYM scheme?
The rate of interest supplied on the PMSYM scheme is the bank-offered rate of interest in your financial savings account.
7. What’s the due date for the month-to-month contribution to the PMSYM scheme?
The enrollment date is taken into account the date of month-to-month contribution to the PMSYM scheme. Nonetheless, the contributions to the PMSYM scheme are auto-debited out of your financial savings or Jan Dhan account.
8. The best way to cancel the PMSYM scheme?
You’ll be able to cancel the PMSYM scheme by visiting the close by CSC or LIC workplace. Submit the scheme cancellation kind together with the explanation for cancellation. As soon as the account is closed, you possibly can withdraw the funds (if any).
9. What’s the PMSYM toll-free quantity?
The PMSYM buyer care quantity is 1800 2676 888. It’s a designated name centre to reply queries associated to the scheme.
