The Govt of India has launched a new scheme called PMSYM (Pradhan Mantri Shram Yogi Maan Dhan) which will provide pensions to its subscribers after the age of 60 years. It will help more than 10 crore labourers and workers in the unorganised sector to get an assured pension of Rs 3,000 per month from Government. In this article, we will talk about this PMSYM pension scheme in details. We will also discuss who can subscribe this scheme, which documents need to be submitted to opt-in, labourers and workers of which age group can get the benefit of this pension scheme, how CSC VLE can register unorganised workers through PMSYM CSC Cloud login Portal and many more common questions about the new scheme.
Pradhan Mantri Shram Yogi Maan Dhan (PMSYM)
This pension scheme was announced by Piyush Goyal, Finance Minister of India in the interim Budget 2019. It will significantly help labourers and workers in unorganised sectors to get minimum financial assurance after attaining the age of 60 years. According to the report, for more than 10 crore citizens this scheme will provide an assured pension. But there are some criteria which need to be fulfilled first in order to subscribe for the scheme.
Who Are Eligible For PMSYM Scheme?
Below, you can see some criteria which must be fulfilled by the candidate to subscribe to the Pradhan Mantri Shram Yogi Maan dhan (PMSYM) pension scheme:
- Only labourers and workers under unorganised sectors will be able to subscribe.
- Eligible occupations Includes but not limited to home-based workers, cobblers, rag pickers, washermen, landless labourers, construction workers, handloom workers, audio-visual workers, head loaders, leather workers, beedi workers, agricultural workers, domestic workers, rickshaw pullers, street vendors, brick kiln workers, mid-day meal workers, own account workers, etc.
- Applicant’s total monthly income should not exceed Fifteen thousand.
- Applicant’s age must be between 18 and 40 years.
Benefits of PMSYM
- Subscribers of this pension scheme will be facilitated a minimum assured pension amount of Rs 3,000 per month after the age of 60 years.
- If the applicant dies, the spouse will receive half of the pension amount which is Rs 1,500 per month as family pension for his or her lifetime.
- Central Government will deposit the same amount as the applicant deposits each month to stay subscribed to the pension scheme. It is a voluntary and contributory scheme on a 50:50 basis.
- If the beneficiary/applicant dies before attaining 60 years age, the spouse can join and continue the scheme by paying the regular contribution amount. Or the spouse can also discontinue the scheme and withdraw the money deposited.
The Amount Of Contribution To Be Made By The Subscriber
As the applicant’s age can be between 18 and 40 years, but the pension amount will be same Rs 3,000 per month for all of them, monthly contribution amount differs depending upon the age of the applicant at the time of applying for the pension scheme. Below, you can see the full chart of entry age, monthly contribution amount, amount contributed by the Central Govt and total monthly contribution:
Suppose your age is now 25 years. Then you need to make a contribution of Rs 80 per month, and the Central Government of India will contribute the same amount for you until you attain 60 years. After that, you will receive Rs 3,000 per month pension from this scheme for your lifetime.
Exiting From The Scheme And Withdrawal
- If you wish to discontinue the monthly contribution and exit from the scheme in less than 10 years, only your contributed amount will be returned to you with savings bank interest.
- After continuing for more than 10 years but before attaining the age of 60 years, if you want to exit, you will get back your share of contribution along with the accumulated interest as actually earned by the fund or at the savings bank interest rate whichever is higher. Same will happen if the applicant becomes disabled permanently before 60 years of age.
- If the subscriber and spouse both die, the entire corpus will be credited back to the fund.
How To Register For The Pradhan Mantri Shram Yogi Maan Dhan?
Govt has made the enrolment process very easy so that labourers and workers under unorganised sectors can easily subscribe for this pension scheme. Below you can see the process step by step:
Requirements for Enrolment
- A Mobile Phone.
- Savings Bank/Jan Dhan Account.
- Aadhaar Number.
- As of now, the applicant may visit the nearest CSC (Common Services Center) and submit the required details to get enrolled.
- VLE will register the beneficiary electronically on the system.
- A beneficiary has to pay 1st instalment in cash to CSC.
- Now Shram Yogi Pension Number will be generated.
- VLE will print & handover the Shram Yogi card to the beneficiary.
Eventually, Govt will also provide the facility to enroll for the PMSYM scheme on it’s dedicated web portal and mobile app where users will be able to register themselves online using the same documents.
PMSYM CSC Cloud Login
If you are a CSC VLE, you can now provide PMSYM service in your village. Just follow the below steps to login to the PMSYM CSC Cloud portal.
- Firstly, you need to visit this URL, i.e. pmsym.csccloud.in
- You will see a button “Click to Get Started”; Click on it
- Login your account using Digital Seva
- That’s it; you will see a dashboard where you can enroll unorganised workers.
How CSC can Enroll Through pmsym.csccloud.in?
- Once you login to the PMSYM CSC Cloud portal, click on New Enrollment tab.
- A form will appear on your screen.
- Enter subscriber aadhar number, the name & DOB of the subscriber as printed on aadhar and the same will be verified through UIDAI database.
- Enter other details like Bank Account, Email ID, Mobile Number, spouse (if any) and nominee details.
- The system will calculate the monthly contribution amount according to the age of the subscriber.
- Collect the amount and pay online.
- Shram Yogin Pension number & Debit Mandate acknowledgement will be generated after successful payment.
- Scan and Upload the signed debit mandate of the beneficiary.
- Print the Shram Yogi card and handover to the beneficiary.
Guest User Login/ Registration
If you are not a CSC VLE, then you can also enroll subscribers under the PMSYM. Yes, you heard it right, you have to visit the official portal from here and complete the guest registration process using the mobile number and email ID. After successful login, you will access to the dashboard (similar to VLE dashboard) where you can easily enroll subscribers.
FAQs for Subscriber
How long do I have to contribute?
- You have to contribute until you attain the age of 60 years.
How to deposit my monthly contribution amount?
- You only have to pay your first contribution amount in cash to CSC VLE during enrollment. After that, the subsequent monthly contribution will be debited automatically from your linked bank account.
How much pension will I receive?
- Under the Scheme, you will receive the minimum pension is of Rs.3000 per month. The monthly pension amount will be deposited to your linked Bank Account.
I am a Atal Pension Yojana (APY) subscriber, Can I avail PMSYM Yojana?
- Yes, you can join this scheme in addition to APY.
Can I download PMSYM card again in case of loss/ damage?
- Yes, E-Card can be downloaded again.
How to check the status of monthly contribution?
- You will receive an SMS after deduction of the contribution amount.
Is there a nomination facility?
- Yes, you can nominate anyone as a nominee under PMSYM.
What is the role of LIC for the Scheme?
- LIC will be a service provider for payment of pension to the subscribers and will also act as a fund manager.
We hope this article about PMSYM was helpful for you. Please let us know your thoughts about this new scheme from Prime Minister Narendra Modi in the comments section below and don’t forget to share this article with your friends and family members who may need this.