PM Shram Yogi Maan-Dhan Pension Scheme | How To Apply PM Shram Yogi Maan-Dhan Pension Yojana ? 
PM Shram Yogi Maan-Dhan Pension Scheme : A mega pension scheme called Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) Yojana was announced in the Budget 2019 for individuals working in the unorganised sector.According to the scheme, a monthly pension of Rs 3,000 will be given to individuals who subscribe to the scheme from the age of 60 years. The scheme also has provision of family pension for the spouse in the event of death of the individual. Along with an individual's contribution, the government will also contribute the same amount to the individual's account.If you wish to open an account under PM-SYM Yojana, here is the process elaborated on the EPF India website and information collected from Common Service Centre (CSC).
PM Shram Yogi Maan-Dhan Pension Scheme | How To Apply PM Shram Yogi Maan-Dhan Pension Yojana ?
According to the Ministry of Labour & Employment, nearly 46 lakh Unorganised Workers (UW) have been registered under the Pradhan Mantri Shram Yogi Maandhan (PM-SYM) pension scheme.PM-SYM is a Central Sector Scheme administered by the Ministry of Labour and Employment and implemented through Life Insurance Corporation of India and Community Service Centers (CSCs).LIC (Life Insurance Corporation) is the Pension Fund Manager and responsible for Pension pay out.

Unorganised Workers
UWs are mostly engaged as rickshaw pullers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, home-based workers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio- visual workers or in similar other occupations.
There are estimated 45 crore such unorganised workers in the country.

Eligibility:
  • Should be an Unorganised Worker (UW).
  • Monthly Income Rs 15000 or below.
  • Entry age between 18 and 40 years.
  • Should possess a mobile phone, savings bank account and Aadhaar number.
  • Should not be covered under New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) scheme or Employees’ Provident Fund Organisation (EPFO).
  • Should not be an income tax payer.

Salient Features:
Minimum Assured Pension:
Each subscriber shall receive a minimum assured pension of Rs 3000/- per month after attaining the age of 60 years.

Family Pension:
  • During the receipt of pension, if the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension received by the beneficiary as family pension. Family pension is applicable only to spouses.
  • If a beneficiary has given regular contribution and died due to any cause (before age of 60 years), his/her spouse will be entitled to join and continue the scheme subsequently by payment of regular contribution or exit the scheme as per provisions of exit and withdrawal.
Contribution:
  • The subscriber’s contributions shall be made through ‘auto-debit’ facility from his/ her savings bank account/ Jan- Dhan account.
  • PM-SYM functions on a 50:50 basis where prescribed age-specific contribution shall be made by the beneficiary and the matching contribution by the Central Government.
Documents required
To enrol in the scheme, an individual is required to have:
a) Aadhaar Card
b) Savings bank account/ Jan-Dhan Account with IFSC
c) A valid mobile number

 

How to apply
  1. To apply for an account under this scheme, one is required to visit his/her nearest CSC. Do remember to take along your documents, i.e., Aadhaar card, passbook of your bank account and mobile, with you. Ensure that the IFSC code is printed on your savings account passbook.
  2. To know about the nearest CSC, you can visit EPF India website. Click here to download the details about your neatest CSC from EPF India website or click here from the CSC locator website.
  3. Alternatively, you can also visit the branch offices of Life Corporation of India (LIC), ESIC, EPFO and labour offices of central and state government to enquire about the nearest CSC centre.
  4. At the common centre, you will be required to submit the self-certified form along with the consent form for auto-debit facility. These two forms are available at CSC itself.
  5. The person at the CSC will fill up a form based on details available on your Aadhaar card and passbook of your savings account. Once you verify the details, a one-time password will be sent to your mobile number.
Completion of Process
Once the enrolment process is completed at the CSC, an online pension number under the scheme will be generated. The CSC centre will give you a print out of the pension scheme card to you. The pension scheme card will have details such as name, pension start date, monthly pension amount, pension account number and so on.

Fund Management:
PM-SYM will be a Central Sector Scheme administered by the Ministry of Labour and Employment and implemented through Life Insurance Corporation of India and CSC eGovernance Services India Limited (CSC SPV). LIC will be the Pension Fund Manager and responsible for Pension pay out. The amount collected under PM-SYM pension scheme shall be invested as per the investment pattern specified by Government of India.

Exit and Withdrawal:
Considering the hardships and erratic nature of employability of these workers, the exit provisions of scheme have been kept flexible. Exit provisions are as under:
(i)  In case subscriber exits the scheme within a period of less than 10 years, the beneficiary’s share of contribution only will be returned to him with savings bank interest rate.
(ii)  If subscriber exits after a period of 10 years or more but before superannuation age i.e. 60 years of age, the beneficiary’s share of contribution along with accumulated interest as actually earned by fund or at the savings bank interest rate whichever is higher.
(iii)  If a beneficiary has given regular contributions and died due to any cause, his/ her spouse will be entitled to continue the scheme subsequently by payment of regular contribution or exit by receiving the beneficiary’s contribution along with accumulated interest as actually earned by fund or at the savings bank interest rate whichever is higher.
(iv)  If a beneficiary has given regular contributions and become permanently disabled due to any cause before the superannuation age, i.e. 60 years, and unable to continue to contribute under the scheme, his/ her spouse will be entitled to continue the scheme subsequently by payment of regular contribution or exit the scheme by receiving the beneficiary’s contribution with interest as actually earned by fund or at the savings bank interest rate whichever is higher.
(v)  After the death of subscriber as well as his/her spouse, the entire corpus will be credited back to the fund.
(vi)  Any other exit provision, as may be decided by the Government on advice of NSSB.

Important Links:
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If an eligible subscriber has given regular contributions and died due to any cause, his spouse shall be entitled to continue with the Scheme subsequently by payment of regular contribution as applicable or exit by receiving the share of contribution paid by such subscriber along with accumulated interest, as actually earned thereon by the Pension Fund or at the savings bank interest rate thereon, whichever is higher After death of subscriber and his or her spouse, the corpus shall be credited back to the fund.