PM Shram Yogi Mandhan Yojana

PM Shram Yogi Mandhan Yojana: Pradhan Mantri Shram Yogi Maandhan is a special plan from the government to assist folks who work in jobs where they don’t have the usual job benefits and protections. These jobs include things like daily labor, housework, and farming.

The idea behind this plan is to give these workers some financial support when they get older. Here’s how it works: Workers in these jobs can save a small part of their earnings regularly. Over time, this savings account grows. When they retire, they get a regular income from this account, like a salary for retirees.

This plan is important because it helps these hardworking people have a better and more secure future, even if they don’t have the same job benefits as others. It’s the government’s way of making sure everyone has a fair shot at a comfortable retirement.

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Pradhan Mantri Shram Yogi Maandhan is a government plan to assist people in informal jobs. If you’re between 18 and 40 years old and earn Rs. 15,000 or less each month, you can be part of it.

Here’s how it works: If you work in an unorganized job, you can decide to save some money for your retirement in a special savings fund. This money will be there to help you when you retire, like a financial safety net for your older years.

This plan is important because it provides financial support and security for people who might not have access to regular pension systems. It’s a way to help them have a better life when they get older.

PM Shram Yogi Mandhan Yojana Eligibility

Pradhan Mantri Shram Yogi Maandhan is a government program specifically tailored to offer a helping hand to Unorganized Workers (UW) who often find themselves in informal and uncertain job situations. If you’re an Unorganized Worker and you fall within the age group of 18 to 40 years, with a monthly income of up to Rs. 15,000, this scheme is designed with you in mind.

Here’s a more detailed look at what this program can do for you:

Age-Friendly: The program is open to young adults between 18 and 40 years of age. This means you can start planning for your future early in your career, ensuring you have financial security when you retire.
Affordable Savings: Even if you have a monthly income of Rs. 15,000 or less, you can set aside a portion of your earnings for your retirement. It’s like creating your own savings account for the future.
Retirement Support: When you decide to stop working, the money you’ve saved will be there to provide financial support. It’s like having a financial cushion to rely on when you need it most.
Financial Inclusion: This program is significant because it promotes financial inclusion, ensuring that those in informal and unstructured job sectors have access to a reliable pension system. It’s about giving everyone a fair chance at a better quality of life in their older years.

So, whether you’re a young adult just starting your career or someone with a modest income in the informal job sector, Pradhan Mantri Shram Yogi Maandhan is a way for you to plan for a secure and comfortable retirement. It’s a government initiative designed to make sure you have the financial support you deserve when you need it most.

PM Shram Yogi Mandhan Yojana Features

Pradhan Mantri Shram Yogi Maandhan is a smart choice for people in informal jobs who are aged 18 to 40 and earn up to Rs. 15,000 per month. Here’s why it’s a great plan:

Pension Assurance: When you retire, you get a fixed pension of Rs. 3,000 every month. This regular income ensures a comfortable retirement.
Your Choice: You decide how much to save in this pension fund. It’s your call, giving you control over your financial future.
Government Help: The government chips in and matches your contributions, doubling your savings. It’s like having a financial partner.
Long-Term Planning: Over time, your savings grow, ensuring peace of mind in your retirement.
Social Safety Net: This program boosts social security for informal job workers. It’s the government’s way of making sure everyone has financial support when they retire.

In a nutshell, Pradhan Mantri Shram Yogi Maandhan is a smart move for those in informal jobs. It offers a reliable pension, lets you save on your terms, and includes government support, all to secure your financial future. It’s an opportunity you don’t want to miss to ensure a better retirement.

National Pension Scheme for Traders

The National Pension Scheme for Traders is a government program designed to provide shopkeepers, retail traders, and self-employed individuals with social security and protection in old age.

Eligibility:

Pradhan Mantri Shram Yogi Maandhan isn’t just for workers in informal jobs. It’s also designed to benefit self-employed individuals, such as shop owners, retail businesses, and other vyaparis. If you fall within the age group of 18 to 40 and your annual turnover doesn’t exceed Rs 1.5 crore, here’s why you should consider being a part of this scheme:

Financial Security for Entrepreneurs: As a self-employed individual, your financial future might not be as structured as those with formal jobs. This program offers you a chance to build a financial safety net, ensuring you have a reliable income when you retire.
Customized Savings: You have the flexibility to decide how much to contribute to your pension fund. This tailored approach allows you to save according to your financial situation and goals.
Government Partnership: The government is your financial partner. They match your contributions, effectively boosting your savings. This government support adds an extra layer of financial security to your retirement plan.
Long-Term Planning: By consistently saving, your pension fund will grow, guaranteeing a stable financial future when you stop working.
Social Security for Entrepreneurs: This scheme is a testament to the government’s commitment to improving social security for self-employed individuals. It ensures that even those with variable income sources have access to a robust retirement plan.

Features:

Pradhan Mantri Shram Yogi Maandhan isn’t just for workers in informal jobs; it’s also beneficial for self-employed entrepreneurs, like shop owners, retail businesses, and vyaparis. If you’re aged between 18 and 40 and your annual turnover doesn’t exceed Rs 1.5 crore, here’s why you should strongly consider becoming a part of this scheme:

Guaranteed Monthly Pension: When you retire, this scheme assures you a fixed pension of Rs. 3,000 per month. This regular income ensures you can enjoy a stable and secure retirement.
Flexible Savings: This program operates on a voluntary and contributory basis, giving you the flexibility to choose how much you want to save for your pension. It’s all about tailoring your savings to your financial situation and needs.
Government Boost: What’s even more attractive is that the government joins forces with you on this journey. They match your contributions, essentially doubling your savings. It’s like having a financial partner who helps you secure your future.
Long-Term Financial Planning: By consistently saving, your pension fund grows over time, ensuring peace of mind during your retirement years.
Enhanced Social Security for Entrepreneurs: Pradhan Mantri Shram Yogi Maandhan is a government initiative dedicated to improving social security for self-employed individuals. It’s a safety net, providing entrepreneurs with a reliable retirement plan.

Contribution by the Subscriber

Contributions to PM-SYM from the subscriber’s savings bank account or Jan-Dhan account must be done via the “auto-debit” feature. The subscriber must make the appropriate contributions from the time they join PM-SYM until they are 60 years old. The following chart provides precise monthly contributions based on entering age.

EntryAge	SuperannuationAge	Member’sMonthly Contribution (Rs)	Central Govt’sMonthly Contribution (Rs)	TotalMonthly 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

Matching contribution by the Central Government

Pradhan Mantri Shram Yogi Maandhan (PM-SYM) is a special pension scheme that works like a team effort. You and the Central Government both put money into it to make sure your retirement is financially secure. It’s like a joint savings plan.

Here’s how it works: If, say, you join the scheme at 29 years old, you’ll save a certain amount, like Rs. 100 every month, until you turn 60. What’s unique about this plan is that the Central Government also chips in with Rs. 100 every month. So, it’s like they’re your financial partner, doubling your savings.

PM-SYM is a big deal because it shows the government’s commitment to helping everyone, no matter their job or income, have a comfortable retirement. It’s all about encouraging savings, including everyone in the financial system, and making sure you have financial support for a better retirement.

Enrolment Process under PM-SYM

To enroll in the Pradhan Mantri Shram Yogi Maandhan (PM-SYM) scheme, subscribers need to have a few essential things in place. These include a mobile phone, a savings bank account, and an Aadhaar number. Having these ensures a smooth enrollment process.

Here’s how you can get started: Eligible subscribers can visit the nearest Common Services Centres (CSC eGovernance Services India Limited (CSC SPV)). They can enroll in the PM-SYM scheme using their Aadhaar number and savings bank account or Jan-Dhan account number.

The process involves self-certification, making it easy and straightforward.

In addition to this, a user-friendly option is also available. Subscribers can visit the PM-SYM web portal or download the mobile app to self-register. They can use their Aadhaar number, savings bank account, or Jan-Dhan account number on a self-certification basis.

This alternative method offers more flexibility and convenience, allowing subscribers to enroll without having to visit a physical location.

PM-SYM is designed to be accessible and user-friendly, ensuring that eligible individuals can easily join the scheme and start building their financial security for a better retirement.

Enrollment agencies

Enrolling in the Pradhan Mantri Shram Yogi Maandhan (PM-SYM) scheme is made accessible through a wide network of Common Services Centers (CSCs). These centers play a crucial role in facilitating the enrollment process, ensuring that unorganized workers can easily sign up for the program.

Here’s how it works: Unorganized workers simply need to visit the nearest CSC, carrying with them their Aadhaar Card and Savings Bank account passbook or Jan-Dhan account details. At the CSC, the workers can complete the registration process for the PM-SYM scheme.

The initial contribution for the first month can be paid in cash, and in return, they will receive a receipt as proof of their enrollment.

The involvement of CSCs simplifies the enrollment procedure, making it more convenient for eligible individuals to take their first step towards securing their financial future during retirement.

This initiative underscores the government’s commitment to providing financial security and social protection to workers in the unorganized sector.

PM Shram Yogi Mandhan Yojana Benefits

Pradhan Mantri Shram Yogi Maandhan (PM-SYM) ensures a minimum pension of Rs. 3,000 each month once you reach 60. If, unfortunately, someone passes away before turning 60, their spouse can keep the scheme going and receive 50% of the pension.

Once you hit 60, you can start getting your pension, paid monthly into your pension account. If you leave the scheme in less than 10 years, you’ll get back your contribution plus the savings account interest rate.

However, if you exit after 10 years or more but before turning 60, you’ll get your contribution along with the accumulated interest, calculated based on the actual fund earnings or the savings account interest rate, whichever is higher.

In situations where a regular contributor passes away, their spouse can continue the scheme with regular contributions or exit by receiving the contributor’s savings along with the earned interest, based on the actual fund returns or the savings account interest rate, whichever is higher.

Furthermore, if a regular contributor becomes permanently disabled before turning 60 and can’t continue, their spouse can take over the scheme or exit, receiving the contributor’s savings along with the earned interest, based on the actual fund returns or the savings account interest rate, whichever is higher.

When both the subscriber and their spouse pass away, the entire saved amount goes back to the fund. PM-SYM aims to provide financial security for unorganized workers, even in unexpected situations, ensuring their hard-earned savings benefit them and their loved ones.

PM Shram Yogi Mandhan Yojana: Online Registration

The enrollment process for Pradhan Mantri Shram Yogi Maandhan (PM-SYM) has specific prerequisites and steps that ensure a smooth and efficient registration. Here’s how it works:

Aadhaar Card: You need your Aadhaar Card for identification and authentication.
Savings/Jan Dhan Bank Account Details: You’ll also need your bank account details, including the IFSC Code, which can be confirmed using your bank passbook, cheque leaf/book, or a copy of your bank statement.
Initial Contribution in Cash: The first contribution amount should be paid in cash to the Village Level Entrepreneur (VLE).
Aadhaar Authentication: The VLE will use your Aadhaar number, name, and date of birth from your Aadhaar card for authentication.
Online Registration: The VLE will complete the online registration, capturing details such as your bank account information, mobile number, email address, and information about your spouse (if applicable) and nominee.
Self-Certification: You’ll need to self-certify that you meet the eligibility conditions.
Auto-Calculation of Monthly Contribution: The system will automatically calculate the monthly contribution based on your age.
Payment: You will pay the first subscription amount in cash to the VLE.
Enrollment and Auto-Debit Mandate Form: The VLE will print an enrollment cum auto-debit mandate form, which you’ll need to sign.
Scanning and Upload: The VLE will scan the signed form and upload it into the system.
Shram Yogi Pension Account Number (SPAN): A unique SPAN will be generated for you, and a Shram Yogi Card will be printed, which will serve as your membership identification.

This process ensures that your enrollment in PM-SYM is accurate and secure, providing you with the necessary information and documentation for future benefits.

Self Enrollment

The enrollment process for Pradhan Mantri Shram Yogi Maandhan (PM-SYM) involves specific prerequisites and a streamlined procedure. Here’s how it works:

Aadhaar Card and Bank Account Details: To begin, you need your Aadhaar Card for identification and your Savings/Jan Dhan Bank Account details, including the IFSC Code. These can be verified using your bank passbook, a cheque leaf/book, or a copy of your bank statement.
Aadhaar Authentication: The applicant will use their Aadhaar number, name, and date of birth as printed on the Aadhaar card for authentication.
Online Registration: The applicant will then complete the online registration, providing essential details such as bank account information, mobile number, email address, and information about their spouse (if applicable) and nominee.
Self-Certification: The applicant must self-certify that they meet the eligibility conditions.
Auto-Calculation of Monthly Contribution: The system will automatically calculate the monthly contribution based on the beneficiary’s age.
Enrollment/Auto Debit Mandate Form: After these steps, the Enrollment/Auto Debit Mandate Form will be printed and signed by the beneficiary.
Scanning and Upload: The form will be scanned and uploaded into the system by the Village Level Entrepreneur (VLE).
First Subscription Payment: The applicant will pay the first subscription amount using Internet Banking.
Shram Yogi Pension Account Number (SPAN): As a result, a unique SPAN will be generated for the applicant, and a Shram Yogi Card will be printed, which will serve as their membership identification.

This process ensures a hassle-free and accurate enrollment experience for beneficiaries, providing the necessary information and documentation for their future benefits under PM-SYM.

PM Shram Yogi Mandhan Yojana: Documents Required

Aadhaar Card
Savings Bank Account / Jan Dhan account number with IFSC
Shram UAN Card Number (Optional)

PM Shram Yogi Mandhan Yojana – Online Registration 2023