PM-SYM provides universal pension coverage through financial security for unorganized workers, creating a more inclusive social security framework in India.
- Unorganized sector contributes around 50% of nation’s GDP. There are over 30.51 crore unorganized workers registered on e-Shram portal (2024).
About PM-SYM
- Ministry: Central Sector Scheme launched in 2019 by Ministry of Labour and Employment
- Objective: Voluntary and contributory pension scheme ensuring a minimum monthly pension of Rs. 3,000 after age of 60.
- Pension Fund Manager: Life Insurance Corporation of India (LIC)
- Enrollment: At Common Service Centres or Maandhan portal.
- Contribution by Subscriber: Shall be made through ‘auto-debit’ facility from savings bank account/ Jan- Dhan account.
- Other Features:
- Family Pension: If subscriber dies during receipt of pension, only the spouse can receive 50% of pension amount.
- If a beneficiary has given regular contribution and died before age of 60 years,
- His/her spouse will be entitled to continue scheme subsequently by payment of regular contribution or exit as per provisions of exit and withdrawal.
- If a beneficiary has given regular contribution and died before age of 60 years,
- Donate-a-Pension Module: Encourages employers to pay premium for their staff to increase enrolment.
- Family Pension: If subscriber dies during receipt of pension, only the spouse can receive 50% of pension amount.
- Implementation and Current Status:
- Coverage: 36 States/UTs
- Enrollments: ~46,12,330 (March 2025)
- Top 3 States: Haryana, Uttar Pradesh, Maharashtra.
