October 09, 2025
6 mins read
If you're wondering what PMSYM stands for, it’s short for Pradhan Mantri Shram Yogi Maandhan Yojana. This scheme is a voluntary and contributory pension plan for workers in the unorganised sector. Launched by the Government of India, it targets individuals who earn a modest monthly income and are not part of any formal pension or social security scheme.
Under PMSYM, eligible subscribers contribute a fixed monthly amount until the age of 60. After turning 60, they receive a monthly pension. The scheme is managed by the Ministry of Labour and Employment and facilitated through CSCs (Common Service Centres).
Monthly Pension: Subscribers receive a monthly pension of ₹3,000 post the age of 60 years.
Age Entry Limit: Individuals aged between 18 and 40 are eligible to enrol.
Monthly Contribution: Contribution ranges from ₹55 to ₹200 depending on the age at entry.
Matching Contribution: The Government of India contributes an equal amount to the subscriber’s pension account.
Voluntary Exit Option: Subscribers can exit the scheme before maturity, subject to certain conditions.
Management Authority: LIC functions as the fund manager, managing pension disbursements.
These features are designed to protect workers in sectors such as construction, street vending, and domestic work.
Also Read: Pradhan Mantri Garib Kalyan Yojana (PMGKY)
You can enrol for PMSYM in a few simple steps:
Locate a CSC: Visit your nearest Common Service Centre (CSC) for assistance.
Provide Aadhaar and Bank Details: Please submit your Aadhaar card and savings bank account details, including the IFSC code.
Age Verification: Age must be verified using the Aadhaar number.
Initial Contribution: The First month's contribution must be paid in cash.
Auto-Debit Setup: You must provide consent for future auto-debit contributions to be made from your bank account.
Receive Card: Upon successful registration, a Shram Yogi Pension Account Number and card are issued.
The process is facilitated by CSC operators, who provide real-time authentication and entry into the central database.
Workers from the unorganised sector can be eligible if they meet all of the following conditions:
Age Criteria: Must be between 18 and 40 years old.
Income Limit: Monthly income should be ₹15,000 or less.
No Formal Pension: Should not be part of any EPFO, NPS, or ESIC schemes.
Aadhaar-linked Bank Account: Required for contribution and pension credit.
The scheme applies to workers such as street vendors, agricultural labourers, rickshaw pullers, cobblers, and domestic workers, among others.
Individuals falling under the categories below are not eligible:
Taxpayers: Individuals who have paid income tax are excluded.
Government Employees: Employees from any Central or State Government body are not eligible.
EPFO/NPS/ESIC Members: Those already covered under other statutory pension schemes cannot apply.
Professionals: Chartered Accountants, Engineers, Doctors, etc., who practice their profession.
These exclusions ensure the scheme reaches those genuinely from the unorganised workforce.
Also Read:- Pradhan Mantri Rozgar Yojana (PMRY)
Assured Pension: Guaranteed ₹3,000 monthly pension after 60 years of age.
Equal Contribution by Government: For every rupee contributed by the worker, the government contributes the same amount.
Family Pension: If the subscriber dies, the spouse receives 50% of the pension amount.
Voluntary Nature: Individuals can opt out at any time and receive a refund of their contributions (subject to certain conditions).
CSC Network: Easily accessible registration through Common Service Centres.
These benefits aim to provide basic old-age income security to informal sector workers.
PMSYM is structured as a contributory pension plan to aid unorganised sector workers in planning for their old age. With a simple enrollment process and small monthly contributions, individuals can participate in a retirement benefit plan.
The scheme works within a framework that ensures identification, contribution tracking, and payout using Aadhaar and banking infrastructure.
If you're part of the unorganised workforce or know someone who is, understanding PMSYM helps clarify how a structured pension can be accessed even outside formal employment. The scheme clearly defines eligibility, process, and benefits, allowing for informed participation.
Whether you're exploring this for yourself or helping someone enrol, knowing the step-by-step process, age and income limits, and government contribution makes decision-making easier. Always ensure that you have accurate documents and make timely contributions to maintain uninterrupted pension benefits later.
Disclaimer: This article is for informational purposes and does not constitute investment advice. Bajaj Broking Financial Services Ltd. (BFSL) makes no recommendations to buy or sell securities.
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You can check your PMSYM balance by visiting the official NPS or PMSYM portal and logging in with your registered mobile number or UAN. Alternatively, you can visit your nearest CSC (Common Service Centre) to get the updated balance details.
To enrol in the PMSYM scheme, the applicant's monthly income must be ₹15,000 or less. This limit helps ensure the scheme targets unorganised workers with lower earnings. Proof of income may be required during the registration process for verification.
The monthly pension of ₹3,000 under PMSYM is payable to the subscriber after they turn 60. The beneficiary needs to visit the nearest LIC office or CSC with their PMSYM ID and Aadhaar-linked bank details to initiate the pension claim process.
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