PM-SYM or Pradhan Mantri Shram Yogi Maan-Dhan is a voluntary contributory pension scheme for unorganized workers. Launched by the government in March 2019, the PM Shram Yogi Maan-Dhan scheme offers subscribers a minimum guaranteed pension of Rs.3,000 per month upon attaining retirement, according to the Ministry of Labour & Employment’s website – labour.gov.in. Unorganized sector workers in the age group of 18-40 years, earning up to Rs. 15,000 per month and not covered under any other government-sponsored social security scheme can subscribe to the Shram Yogi Maan-Dhan pension scheme.
The subscriber is required to contribute an amount ranging from Rs. 55 to Rs.200 per month towards the pension scheme account, according to the labour ministry. The amount varies depending on the age of entry.
Here’s how much money a subscriber is required to contribute to the PM-SYM scheme in order to earn the guaranteed pension amount after turning 60:
PM Shram Yogi Maan-Dhan (PM-SYM) pension scheme contribution chart
| Entry Age | Superannuation Age | Member’s monthly contribution (Rs.) | Central government’s monthly contribution (Rs.) | Total monthly contribution (Rs.) |
|---|---|---|---|---|
| 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 |
| (Source: labour.gov.in) | ||||
Workers subscribing to the PM-SYM pension scheme should not be covered under any statutory social security scheme such as National Pension Scheme (NPS), Employees’ State Insurance Corporation scheme and Employees’ Provident Fund Organization Scheme, according to retirement fund body EPFO or Employees’ Provident Fund Organisation.
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