For millions of workers in India’s unorganised sector, financial security in retirement is an area where uncertainty prevails. In this regard, the government has taken steps to ensure such workers receive financial support in retirement through the newly launched scheme, Pradhan Mantri Shram Yogi Maandhan (PM-SYM) Yojana, which was launched in 2019.
What the PM-SYM scheme offers
The PM-SYM plan is a voluntary and contributory pension scheme that has been designed for the working class, including street vendors, construction workers, domestic workers, agricultural workers, and shopkeepers. The subscribers of the plan are eligible to get a fixed monthly pension of ₹3,000 at the age of 60 years or more.
The plan is quite simple in nature. An individual has to contribute a small amount every month until the age of retirement. Once the person decides to retire, the amount acts as a source of a regular pension. The central government also contributes equally to the amount contributed by the subscriber.
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Who can apply?
To enrol in the scheme, applicants must meet certain conditions. They should be between 18 and 40 years of age and have a monthly income of ₹15,000 or less. They must also not be members of EPF, ESIC, or NPS.
The monthly contribution depends on the age at which a person joins. For example, an 18-year-old contributes ₹55 per month, while someone joining at 40 contributes ₹200 per month. The government contributes an equal amount alongside the subscriber.
How to enrol?
This can be done through the Common Service Centres (CSCs) located nearby. Workers can also register online through the official portal of the PM-SYM.
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Government data indicates that over 52.5 lakh people had enrolled in the scheme until March 12, 2026.
What are the benefits?
The scheme promises a guaranteed pension of ₹3,000 per month after 60 years. The scheme is an effective way for unorganised sector workers to secure their retirement. The scheme requires minimal contributions and provides support from the government.
