Strengthening Social Security for India’s Informal Workforce
Pradhan Mantri Shram Yogi Maandhan (PM-SYM): A Pension Safety Net for India’s Informal Workers: The Pradhan Mantri Shram Yogi Maandhan (PM-SYM) scheme, launched in the 2019 Interim Budget, has become a crucial tool to support unorganised sector workers in India. With over 30.51 crore workers registered on the e-Shram portal by 2024, the scheme provides much-needed pension security for street vendors, daily labourers, domestic workers, and small farmers who often lack formal retirement benefits.
Guaranteed Monthly Pension for the Vulnerable
The PM-SYM offers a guaranteed pension of ₹3,000 per month after the worker turns 60. What makes this scheme truly inclusive is the government’s matching contribution—for every rupee the worker contributes, the government adds an equal amount. In case the enrolled worker dies, the spouse receives 50% of the pension as a family benefit, ensuring continued support for surviving dependents.
Who Can Benefit and How?
To join the scheme, the applicant must be between 18 and 40 years old with a monthly income below ₹15,000, and should not be enrolled in EPF, ESIC, or NPS, nor be an income taxpayer. This careful targeting ensures that the scheme benefits only the most financially insecure workers, especially those in rural and semi-urban regions who are often left out of other schemes.
Easy Enrolment and LIC’s Trusted Management
Enrolment into PM-SYM is simple and can be done through Common Service Centres (CSCs) or online via the Maandhan portal. The Life Insurance Corporation of India (LIC) manages the pension funds, bringing credibility and transparency to the scheme. There are flexible exit options too, for workers who may not be able to continue contributions due to life circumstances.
A Model of Cooperative Implementation
The Ministry of Labour and Employment leads the implementation of PM-SYM, supported by LIC and CSCs. This multi-agency approach ensures that the scheme reaches the last mile. The involvement of local service centres means that even remote areas get access to pension awareness and registration, boosting the reach of formal financial protection.
STATIC GK SNAPSHOT
Pradhan Mantri Shram Yogi Maandhan (PM-SYM): A Pension Safety Net for India’s Informal Workers:
| Aspect | Details |
| Scheme Name | Pradhan Mantri Shram Yogi Maandhan (PM-SYM) |
| Launch Year | 2019 (Interim Budget) |
| Pension Amount | ₹3,000 per month after age 60 |
| Workforce Coverage | Unorganised sector workers (vendors, labourers, etc.) |
| Government Contribution | Equal to worker’s contribution (1:1 match) |
| Managed By | Life Insurance Corporation of India (LIC) |
| Enrolment Mode | Common Service Centres (CSCs), Maandhan portal |
| Administered By | Ministry of Labour and Employment |
| Eligibility Age | 18 to 40 years |
| Income Limit | Monthly income below ₹15,000 |
| Exclusions | EPF/ESIC/NPS members, income taxpayers |
| e-Shram Registered Workers | 30.51 crore (as of 2024) |
