New Delhi: In a significant move to support millions of laborers in India’s unorganized sector, the government’s Pradhan Mantri Shram Yogi Mandhan Yojana (PM-SYM) continues to provide financial security through monthly pensions. Launched in 2019, this scheme aims to ensure that workers in sectors such as rickshaw pulling, home-based work, driving, weaving, plumbing, street vending, tailoring, construction, and more receive a stable income post-retirement.
Under the PM-SYM, eligible laborers are entitled to a monthly pension of ₹3,000 after reaching the age of 60. The scheme operates on a mutual contribution basis, where the government matches the laborer’s monthly deposit. For instance, if a worker contributes ₹100 each month, the government also deposits ₹100, effectively doubling the pension amount.
Eligibility and Enrollment Process
To join the PM-SYM, workers must be between the ages of 18 and 40 at the time of enrollment, ensuring they can contribute to the scheme for a minimum of 20 years. This age bracket is designed to maximize the pension benefits by allowing sufficient time for contributions to accumulate.
Only laborers from the unorganized sector are eligible to apply. This includes a diverse range of occupations such as:
- Rickshaw pullers
- Home workers
- Drivers
- Weavers
- Plumbers
- Street vendors
- Tailors
- Mid-day meal workers
- Construction workers
- Rag pickers
- Beedi makers
- Handloom workers
- Agricultural laborers
- Cobblers
- Washermen
- Leather workers
How to Apply
Enrollment in the PM-SYM is straightforward. Eligible workers need to visit the nearest Common Service Centre (CSC) with their Aadhaar card and bank details. It is crucial to link a mobile number to the bank account to receive timely updates and notifications. Upon registration, the first contribution is credited directly to the worker’s account, followed by automatic debits for subsequent monthly premiums.
The scheme’s premium is conveniently auto-debited from the enrolled worker’s bank account, ensuring seamless and consistent contributions. For additional assistance and information, interested individuals can call the toll-free number 1800 267 6888.
Benefits of the Scheme
The PM-SYM provides numerous benefits to unorganized sector workers, including:
- Financial Security: Ensures a steady income post-retirement, reducing financial vulnerability.
- Government Support: The matching contribution by the government enhances the overall pension amount.
- Ease of Access: Simple enrollment process through CSCs makes the scheme accessible to a wide range of workers.
- Long-term Planning: Encourages workers to save regularly, fostering a culture of financial planning and stability.
Impact and Future Prospects
Since its inception, the PM-SYM has benefited millions of workers across India, providing them with a sense of financial assurance. By targeting the unorganized sector, the government addresses a critical gap in social security, offering a safety net to those who often lack stable income and pension options.
Experts believe that expanding awareness and simplifying the enrollment process further will enhance the scheme’s reach and effectiveness. “The PM-SYM is a commendable initiative that addresses the needs of a vulnerable segment of our workforce. Continued efforts to educate and enroll eligible workers are essential for the scheme’s success,” said Dr. Anjali Verma, a social policy analyst.
As India continues to grow economically, ensuring the welfare of its unorganized sector workers remains a priority. The PM-SYM stands as a testament to the government’s commitment to inclusive growth and social security, paving the way for a more equitable society.
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