Pradhan Mantri Shram Yogi Mandhan Yojana (PMSYM) Scheme 2023


Pradhan Mantri Shram Yogi Mandhan is referred to as PMSYM. This is a social project of the Indian government's Ministry of Labour and Employment. Prime Minister Narender Modi introduced this program in February 2019. The Pradhan Mantri Shram Yogi Mandhan will be covered in this article, along with its characteristics, advantages, eligibility requirements, and enrollment procedures.

Updates on the PM Shram Yogi Maandhan Yojana

The government launched the PM Shram Yogi Mandhan Yojana to assist low-wage workers in the unorganized sector. About 44.90 lakh people have already registered under it. Employees who make less than Rs. 15000 and are between 18 and 40 may enrol in this program. The beneficiary must invest a minimum deposit amount to benefit from this program. Age-based calculations determine the minimum deposit amount, which ranges from Rs. 55 to Rs. 200.

  • LIC is the organization in charge of the Yogi Maandhan Yojana. An Aadhar card, bank account, or passbook must be brought to the CSC centre to apply for this program.
  • When the account is opened, the beneficiary receives the Shramik Card. However, the support number is 18002676888 if someone needs further details on this program.

What Is the PMSYM Scheme?

The contributory and voluntary pension program, Pradhan Mantri Shram Yogi Mandhan yojana (PMSYM), is for the unorganized sector. It was included in the 2019 budget. After 60 years, participants in this program will receive a monthly pension of at least Rs. 3000. However, until the age of 60, users must make monthly contributions from Rs. 55 to Rs. 200.

Additionally, this is one of the biggest pension plans the Indian government has ever introduced. This program is intended for members of the labour class between 18 and 40. This program also provides a regular pension after 60 years. Therefore, this program offers unorganized people social security and protection against old age.

The PM Shram Yogi Mandhan Yojana is a Central Sector Scheme that the Ministry of Labour & Employment runs. The Common Services Centres (CSC) & Life Insurance Corporation of India would be responsible for the implementation. Additionally, LIC is in charge of pension payments.

Features of PMSYM

Plan Launch

Prime Minister Narendra Modi introduced this shram yojana in the 2019 budget. It became effective on February 15, 2020. This program intends to benefit those who work in the unorganized sector. Street vendors, rickshaw pullers, head loaders, domestic helpers, washermen, beedi workers, handloom and leather workers, cobblers, and other people in similar vocations make up the majority of their employment.


The investment amount that can be made into this plan ranges from 55 to 200 rupees. A 50:50 split between the subscriber and the federal government is made towards this program. As a result, the subscriber's bank or Jan Dhan account will automatically be deducted for this amount.

Maximum Age

The subscriber must be between the ages of 18 and 40. (Above 40 years is not eligible). Additionally, once a person joins the program, they must contribute until they are 60.

Retirement Benefit

One will receive a minimum pension of Rs. 3000. When a person turns 60, their pension will begin.

Monthly Salary

Employees with monthly incomes under Rs. 15000 are eligible for this pension plan.

Loss of the Beneficiary

In the event of the subscriber's death, the spouse will get 50% of the pension as a family pension. Only spouses are eligible for the family pension, not kids.

Initial Withdrawal

The subscriber can leave the Pradhan Mantri Shram yogi mandhan program early. This results from the unpredictable nature of the unorganized sector's workforce. Therefore, the subscriber's contribution and the savings account interest rate will be paid if the subscriber leaves the plan early, within ten years.

Let's say the subscriber withdraws from the plan after ten years but before turning 60. In that instance, the beneficiary's contribution will also be paid with interest from the savings account or, if higher, the savings account interest rate.

Loans available:

Loans against the PMSYM account are not offered due to investment in this program.

Nomination Can Be Done:

While enrolling in this plan, the beneficiary may add the nominee.

Advantages Of Shram Yogi Mandhan Yojana

The advantages of participating in this voluntary & contributory program are as follows.

Minimum Pension Available

Once they reach the age of 60, those who are a member of this program are eligible to earn a minimum pension of Rs. 3000 per month.

Upon Death

If the pension subscriber passes away while receiving it, the spouse is entitled to only 50% of the pension sum. Therefore, no additional family members, other than the subscriber's spouse, are eligible for the family pension.

On Disability

Imagine that an eligible subscriber who has made regular donations becomes permanently incapacitated before turning 60 and cannot make contributions. The spouse is then permitted to continue participating in the plan by making regular contributions. Additionally, the spouse can withdraw from the plan by taking home their portion of the subscriber's deposit. The spouse will get the contributions plus interest at the higher interest rate offered by the savings bank or the interest received by the pension fund.

When Withdrawing Early

The subscriber's payment and the interest earned on the savings account will be reimbursed if they withdraw from the plan within 10 years.

Let's say the subscriber leaves the plan after ten years or more but before turning 60. The beneficiary will then get their donation plus interest, or the interest earned on their savings account, whichever is higher.

Suppose a subscriber has made regular contributions and passes away for any reason. In that case, the spouse can carry on by making necessary additional regular contributions.

Additionally, the spouse can withdraw from the plan by collecting the proportion of the subscriber's contribution. The spouse will receive the contributions plus interest at the higher rate offered by the savings bank or the interest received by the pension fund.

The corpus will be automatically credited to the pension fund in the event of the death of both the subscriber & the subscriber's spouse.

Qualification for PMSYM

Anyone working in the unorganized sector is eligible for this scheme. Due to the nature of people's labour, earnings in this industry are not fixed. These workers' salaries are based on the daily labour they perform. In other words, they don't rely on a set salary to survive. Therefore, to qualify for this PM Shram Yogi Yojana, you must fulfill the following requirements. 

  • The person should be an employee in the unorganized sector.
  • Entry age ranges from 18 to 40 years old.
  • Employees must make no more than Rs. 15,000 each month.

Must not be -

  • Any person working in the organized sector, such as an EPFO, NPS, or ESIC member.
  • An individual with income tax obligations

Should have

  • A valid mobile phone number and an Aadhaar card
  • IFSC-enabled savings or Jan Dhan bank accounts

How Do I Sign Up for PMSYM?

First, qualified and interested people can join the PMSYM program by going to their local Common Service Centers (CSC). Users can search for the closest CSC on the information page of the LIC & Ministry of Labour & Employment websites. One needs the following paperwork to enroll:

  • ID card, Aadhaar
  • Details of a savings account or Jan Dhan account with the IFSC code
  • a working cellphone number to use for OTP confirmation
  • An initial cash deposit is required to open an account under this program

The next steps for enrolment are as follows:


  • The Aadhaar number, subscriber's name, and date of birth as printed on the Aadhaar card will be entered by the Village Level Entrepreneur (VLE) at the CSC for authentication. The UIDAI database will use demographic authorization to confirm the same.
  • The bank account information, email number, mobile number, spouse information, and nominee information are entered by the VLE to complete the online registration. As a result, the qualifying requirements are self-certified as met.
  • The system automatically determines the monthly contribution based on the candidate's age.
  • The applicant must give the VLE the initial subscription payment in cash.
  • The subscriber will sign the enrollment and auto-debit mandate form the system will generate. The same will be scanned by the VLE and uploaded to the platform.
  • Last but not least, the system will produce a special Shram Yogi Pension Account Number (SPAN). The Shram Yogi card will be printed by the system and given to the subscriber.

Self-Registration for PMSYM (Online)

On the Ministry of Labour and Employment website, you can register for the PMSYM program online. Take these actions: 


  • Go to the MAANDHAN website
  • On self-enrollment, click
  • Enter the mobile number where you will receive an OTP.
  • Several options, including "new registration," "incomplete enrollment," and "complete enrollment," will be available once you log in.
  • Click "New registration" since this is your first time signing up.
  • Enter other information, such as the applicant's name, address, Aadhar number, cell phone number, gender, birthdate, nominee information, and bank information.
  • You can apply & print the document once you have entered all the necessary information.

How Do I Check the Balance of PMSYM?

By following the instructions below, you can view the PMSYM balance online at the UMANG website.

  • Go to the UMANG login page.
  • Specify your active cellphone number.
  • You can sign in using your mobile device's OTP or M-pin.
  • The PMSYM account balance & previous transactions are available once you log in.

Withdrawal Benefits in PMSYM

Here are some of the withdrawal benefits of the PMSYM scheme.

  • Within ten years of the scheme's launch, the contribution share will be returned to him with interest at the savings bank rate if the recipient withdraws from it.
  • The recipient will receive his contribution portion and accrued interest if he withdraws from the PMSYM plan after 10 years from the date of purchase but before the age of 60.
  • When a beneficiary who has made regular contributions passes away for any reason, their spouse may carry on the plan by making the same regular contribution.
  • Following the demise of the subscriber and their spouse, the fund will be credited back.

How to Exit?

When a beneficiary withdraws from the Pradhan Mantri Shram Yogi Mandhan Yojana amid the term, several requirements must be met, including:

  • If the recipient withdraws from the plan before 10 years, he will be compensated at the rate for savings accounts.
  • If the beneficiary passes away, his or her spouse may continue to participate in the plan by paying a premium.
  • A contribution of interest accrued with savings & contribution bank rate will be provided to the beneficiary if he leaves the program after 10 years or more but before age sixty.
  • Before the age of 60, if a person falls disabled or enters an ashram and cannot pay their premium, their spouse may continue to participate in the plan.


In conclusion, individuals working in the unorganized sector rely on their daily salaries to maintain their standard of living. So, as individuals age, it gets more challenging for them to work and make money. Additionally, they don't have any savings or pension funds to fall back on.

The national Indian government has therefore developed this excellent program to assist the people of the labour class in solving this issue. Even if they can no longer work, investing in this yojana will still benefit them.

Frequently Asked Questions

Can we obtain a loan through the PMSYM program?

No. On the PMSYM plan, no lending facility is offered. This program intends to provide retirement financial support for the nation's working class.

What happens when the applicant does not regularly fund the PMSYM account?

In the event of irregular contributions, a penalty will be assessed. Your savings account will automatically be debited for the monthly contribution.

Can members of the PPF participate in the PMSYM program?

Yes. Contributors to the Pension Provident Fund are qualified for the PMSYM program. However, to contribute, you must be eligible for the PMSYM program.

Can we order a new PMSYM card?

Yes. On the UMANG website, you can reproduce the PMSYM card. The card reprint option can be found on the site when you log in to the account using your registered cellphone number.

Is an Aadhar card a requirement for the PMSYM program?

Yes. Since an Aadhar card is needed to validate the applicant's information, it is a requirement for applicants to the PMSYM scheme.

What is the provided interest rate for the PMSYM program?

The savings account interest rate offered by the bank also applies to the PMSYM plan.

What day of the month is the PMSYM scheme's monthly payment due?

The enrolment date is considered the start of each month's PMSYM contribution. However, the PMSYM scheme contributions are automatically taken from your savings or Jan Dhan account.

How do I end the PMSYM program?

By going to the nearby CSC or LIC office, you can cancel the PMSYM program. Send the cancellation form for the scheme together with your justification. After the account is closed, you can take the money out (if any).

What is the free phone number for PMSYM?

1800 2676 888 is the toll-free number for PMSYM. It serves as a designated call center for issues relating to the program. 

What is the benefit of the PMSYM scheme?

A voluntary and contributory pension program, the PMSYM strives to offer security and protection to the elderly and unorganized employees. The program is intended to help people who work in the unorganized sector, including those who work as street vendors, rickshaw pullers, farmers, mid-day meal employees, construction workers, or similar jobs.

These unorganized employees number 42 crore in the nation, according to estimates. According to this plan, the beneficiary would receive a guaranteed monthly pension of Rs. 3000/- after turning 60 years old, and 50% of the pension will be transferred to the beneficiary's spouse as a family pension in the event of the beneficiary's passing.

How can you prove that you qualify for the PMSYM Yojana?

One may take their case to the Joint Secretary & Director General Labour Welfare if they have trouble demonstrating that they are not a part of any other social security scheme or that their monthly income is less than Rs. 15,000.

Their judgment will be regarded as being final. The issue will be sent to the Central Government if there are any problems carrying out the decision. Their assessment of it will be definitive of the situation.

What happens if a member passes away?

Suppose a yojana participant dies before becoming 60. In that case, his or her surviving spouse will have the option of continuing to make monthly contributions to the PMSYM yojana until that person is 60. Once they turn 60 years old, they can later take their pension. However, if the member dies after turning 60, his surviving spouse will continue to get 50% of the pension.

What will the structure of this plan be?

A fully automated system will be used for the PMSYM Yojana. All participants will have access to an app through their smartphones. On the app, users will have the option to check their contributions. Additionally, they will be able to use their bank's auto-debit feature to have their monthly contributions taken out of their accounts regularly.

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