Introduction
Securing a steady income after retirement or in old age is one of the biggest challenges for many in India, especially for workers in the unorganized sector. To address this concern, the government introduced the Pradhan Mantri Pension Yojana, also known as the Pradhan Mantri Shram Yogi Maandhan (PM-SYM) Yojana. Under this scheme, eligible individuals can receive a pension of ₹36,000 per year after the age of 60. Let’s understand how this scheme works, who can apply, and what benefits it offers.
What is PM Pension Yojana?
The Pradhan Mantri Shram Yogi Maandhan Yojana is a social security scheme for workers in the unorganized sector. The scheme ensures that individuals who have worked hard all their lives but have no formal pension system can enjoy a secure income in their old age.
Key highlights:
- Monthly pension of ₹3,000 (₹36,000 per year) after the age of 60.
- Life-long pension benefit for the subscriber.
- In case of death, the spouse can also receive a family pension.
- Contributions are shared equally by the worker and the government.
Who is Eligible for the Scheme?
- Age Limit: Workers between 18 and 40 years can enroll.
- Monthly Income: Should not exceed ₹15,000.
- Employment Type: Must belong to the unorganized sector such as daily wage laborers, street vendors, domestic workers, drivers, etc.
- Other Conditions: The applicant should not be paying income tax or already covered under schemes like EPFO, NPS, or ESIC.
How Much to Contribute?
The contribution depends on the age of joining. For example:
| Age at Joining | Monthly Contribution by Worker | Govt Contribution | Total Monthly Contribution | Pension After 60 |
|---|---|---|---|---|
| 18 Years | ₹55 | ₹55 | ₹110 | ₹3,000/month (₹36,000/year) |
| 25 Years | ₹80 | ₹80 | ₹160 | ₹3,000/month (₹36,000/year) |
| 30 Years | ₹100 | ₹100 | ₹200 | ₹3,000/month (₹36,000/year) |
| 35 Years | ₹150 | ₹150 | ₹300 | ₹3,000/month (₹36,000/year) |
| 40 Years | ₹200 | ₹200 | ₹400 | ₹3,000/month (₹36,000/year) |
Step-by-Step: How to Apply
- Visit the CSC (Common Service Centre) near you with Aadhaar card, bank passbook, and mobile number.
- Fill out the application form and provide required details.
- Make the first contribution payment based on your age.
- Receive enrollment ID and pension card after successful registration.
- Contributions continue until the age of 60, after which you start receiving the pension.
Why is This Scheme Important?
- Financial Security: Provides stable income to poor and unorganized workers.
- Shared Contribution: Government matches the contribution, doubling the savings.
- Lifelong Benefit: Ensures pension throughout old age.
- Family Support: Spouse also receives family pension in case of subscriber’s death.
4–5 FAQs About PM Pension Yojana
1. How much pension will I get under this scheme?
You will get ₹3,000 per month or ₹36,000 per year after the age of 60.
2. Who can apply for the scheme?
Any worker in the unorganized sector between 18 and 40 years with income less than ₹15,000 per month.
3. What documents are required for enrollment?
Aadhaar card, bank account passbook, and mobile number are mandatory.
4. Do I have to pay every month?
Yes, you must contribute a fixed amount monthly until the age of 60. The government contributes an equal amount.
5. What happens if the subscriber dies?
The spouse will receive 50% of the pension amount as family pension.
Final Thought
The PM Pension Yojana (PM-SYM) is a great initiative for workers in the unorganized sector, ensuring dignity and financial stability in old age. With a small monthly contribution, you can secure a lifelong pension of ₹36,000 per year after 60.
If you belong to the unorganized sector or know someone who does, don’t ignore this scheme. A little saving today can guarantee peace of mind and security for the future. Visit your nearest Common Service Centre (CSC) to apply and take the first step towards a secure retirement.