Pradhan Mantri Shram Yogi Mandhan Pension Yojana (PMSYM) 2020

Published on Apr 11, 2020

PMSYM scheme was launched on 15th February 2019 by the former Finance Minister Piyush Goyal. This scheme was introduced by the government to help the unorganised sector workers by providing them with a pension, so they don’t have to worry about income in their old age. This article is going to provide all the relevant information about the PMSYM scheme, so to know more about PMSYM read the whole article. 

Premium Amount Chart

The members of the Pradhan Mantri Shram Yogi Mandhan Pension Yojana has to pay the following amount depending upon their age.   

Entry age

Superannuation age

Member’s monthly contribution (₹)

Government’s monthly contribution (₹)

Total monthly contribution (₹)

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

Eligibility Criteria

  • Those who work in the unorganised sector are eligible for this pension. Here unorganised worker means daily labourers, rickshaw pullers, street vendors etc.
  • Those who are between the age group of 18-40 year are eligible for PMSYM pension.
  • The monthly income of the workers should be ₹15,000 or below to be eligible for the pension.

Offline Registration

The offline registration procedure for Pradhan Mantri Shram Yogi Mandhan Pension Yojana is mentioned below:

1. The workers who are eligible for the PMSYM scheme have to visit Common Service Centre (CSC) near them along with the required documents such as AADHAR card and bank details.

2. The candidate will be appointed an officer who is going to administer the process. The workers have to enter their date of birth at the time of registration as based on this age, and it will be decided how much premium they will contribute per month. 

3. Once the officer finishes verifying the documents, the scheme will be started. The officer has to pay an instalment amount for starting the scheme, after the payment the candidate has to pay back the amount to the officer.

4. The candidate will receive a notification if the registration process is successful along with a pension code.

5. The candidate will be given a pension card after the proper verification of the documents by CSC officer.

6. After that, the CSC officer will send the candidate’s information to the bank authority. After a thorough check of the data, the bank authority will inform the worker about the debit.

Online Registration

The online registration procedure for PRADHAN MANTRI SHRAM YOGI YOJANA is mentioned below:

1. Visit the link https://maandhan.in/

2. The homepage will open there you will see the button ‘click here to apply now’. Click it.

3. A new page will open where you will see two options Self Enrolment and CSC VLE.

Self-enrolment

If you click on self-enrollment, you have to follow the following steps:

1. Click on self-enrollment, a box will pop up on the screen where you have to enter your mobile number.

22. Enter your mobile number to recieve the OTP.

3. After entering the mobile number, another box will appear where you have entered your details such as name, email address and captcha code. After that, an OTP will generate, and you can register.

4. Once you are done with the registration, the dashboard page will open of your account.

CSC VLE

If you click on CSC VLE, you have to follow the following steps:

1. Click on CSC VLE; a new page will appear where you have to enter your username and password.

2. You can click on ‘login’ now. After that, your account will open and you can enter all the relevant details and submit it.

Application Form

To get the application form for PMSYM scheme, the candidates have to go to the LIC office nearby them, and they have to apply for it in the Common Service Centre (CSC) after that VLE enrols the eligible candidates in the scheme from the digital seva website.

Features

The features of Pradhan Mantri Shram Yogi Mandhan Pension Yojana are as follows:

  • The members of PMSYM will receive a minimum pension of ₹3,000 per month after attaining the age of 60 years.
  • If the member of PMSYM dies, his/her spouse will get 50% of the pension on behalf on them. 
  • If the member of the PMSYM dies, his/her spouse has to continue to contribute to the scheme.
  • If the members of PMSYM opt-out from the scheme before the completion of 10 years, his/her share will be returned with saving bank account interest rates.
  • If the members of PMSYM opt-out from the scheme after 10 years, his/her share will be returned along with the accumulated interest.

Frequently Asked Questions

Q. What is PMSYM?

Pradhan Mantri Shram Yogi Mandhan Pension Yojana is a pension scheme for the unorganised sector workers.

Q. Is PMSYM a government scheme?

Yes, PMSYM is a government scheme.

Q. Who can apply for PMSYM?

The unorganised sector workers between the age group of 18-40 years can apply for the PMSYM scheme.

Q. How will the subscriber be benefited from the PMSYM scheme?

The subscriber of the PMSYM scheme will get a pension of ₹3,000 per month after attaining the age of 60 years.

Q. How much pension will be received by the subscriber of PMSYM scheme?

The subscriber of PMSYM scheme will receive ₹3,000 per month.

Q. Where can I apply for PMSYM scheme?

 Common Services Centre (CSC).

Q. Who is the fund manager of PMSYM scheme?

LIC is the fund manager for PMSYM scheme.

Q. How much a subscriber has to contribute for the PMSYM scheme?

The amount of contribution made by the subscriber will depend upon his/her age. 

Q. Is there any family pension in PMSYM scheme?

Yes, there is a family pension in PMSYM scheme. On behalf of the subscriber his/, her spouse will receive the pension in case he/she dies.

Q. If the subscriber stops paying, can he/she revive the PMSYM scheme later on?

Yes, the subscriber can revive the scheme after paying the outstanding balance.

Q. Did the subscriber of PMSYM scheme get deposit statement?

Yes, the subscribers do get deposit statement through an SMS. 

Q. Where do I call for grievance?

The subscriber can contact customer care (1800 267 6888).

Q. Is there any educational qualification needed to be a member of PMSYM scheme?

No educational qualification is required.

Q. What documents are required for applying in PMSYM scheme?

The candidate will require AADHAR card and bank details for applying.

Q. Do the subscribers have to contribute till 60 years?

No, the subscribers have to contribute until the age of 40.

Q. How will the subscriber be paid?

The subscriber of PMSYM scheme will be paid pension in cash.

Q.  What is the due date of monthly contribution?

The enrolment date is the due date for a monthly contribution.

Q.  At the time of registration, do the subscribers have to submit their photograph?

No.

Q.  What will happen if the members opt-out of the PMSYM scheme before the completion of 10 years?

If the members of PMSYM scheme opt-out before 10 years, then they will be paid their share with saving bank interest.

Q.  What will happen if the members opt-out of the PMSYM scheme after 10 years?

If the members opt-out of the scheme after 10 years, then they will be paid their share along with the accumulated interest.


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WRITTEN BYVarsha Verma

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