Pradhan Mantri Shram Yogi Maandhan Yojana (PMSYMY): Monthly pension scheme for unorganized sector workers

Unorganized sector workers salary upto Rs. 15,000 to get monthly pension of Rs. 3,000 after retirement

The Finance Minister Piyush Goyal announced Pradhan Mantri Shram Yogi Maandhan Yojana (PMSYMY). It is a monthly pension scheme for the workers of the unorganized sector. They will be given monthly pension of Rs. 3,000 after retirement by central government. The scheme is applicable only to the worker of the unorganized sector who`s salary is less than Rs. 15,000.

The PMSYMY is announced in the interim budget 2019 in the parliament by the FM on 1st February 2019. The scheme will benefit 10 crore employees working in the unorganized sector. Government of India has allocated budget of Rs. 500 crore for the scheme.

All the labor (majdoor), rickshaw pullers, rag pickers & all kind of workers who are earning less than Rs. 15,000 per month across India are eligible under the scheme. The primary objective of the scheme is to provide social security to the poor sections of the society. Each of the eligible workers needs to make a contribution of Rs. 100 every month to get pension.

Scheme:Pradhan Mantri Shram Yogi Maandhan Yojana (PMSYMY)
Benefits:Monthly pension of Rs. 3,000
Beneficiaries:Workers of the unorganized sector (labor, majdoor, rickshaw pullers, rag pickers & all kind of workers)
Announced By:Finance Minister Piyush Goyal
Announce Date:1st February 2019
Launch Date:15th February 2019

PMSYMY Benefits:

  • Monthly pension of Rs. 3,000
  • Social security for the poor sections of the society

Pension will be paid after the age of 60 year. If the labor dies before the age of 60 years then the wife of the beneficiary will get 50% of the pension. The children of the beneficiaries will not get any pension under the scheme.

Pradhan Mantri Shram Yogi Maandhan Yojana Eligibility Criteria:

  • Workers of unorganized sector across India (home-based workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, rickshaw pullers, landless labourers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio- visual workers etc)
  • All those workers who`s salary is less than Rs. 15,000 per year
  • The workers must have savings account in the bank linked to their Aadhaar card
  • Age Limit: 18 to 40 years
  • Those who are covered under government pension schemes (National Pension Scheme NPS) are NOT eligible

Read More: Pradhan Mantri Shram Yogi Maandhan (PM-SYM): Application form & how to apply / enroll for SYM card

Eligible workers needs to make a contribution of Rs. 100 every month to get pension after retirement. The monthly pension will be given after the age of retirement. The scheme will benefit at least 10 crore labors & workers in the unorganized sector. The implementation of the scheme will start from the current year 2019.

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