Do you want to secure your retirement? Know all about PMSYM


It is a Pradhan Mantri Shram Yogi Maandhan Yojana(PMSYM). This scheme was launched in 2019, by the ministry of labour and employment.

What is PMSYM?

It is social security provided to the laborers of an unorganized sector. It aims to provide regular income in the form of pensions to senior citizens having a low income.


It provides a pension of a minimum of 3000 Rs. after attaining the age of 60.

Workers have to contribute 55 Rs. of premium varying for different age groups.

Maximum contribution per year can’t exceed 2400 Rs.

If the beneficiary dies, the spouse will be entitled to receive 50% of the pension as a family pension.

Premium for 18 years will be less and will get increase with age due to expected risk.

Nomination facility is available.

Government contributes the same amount of premium as that of the beneficiary.

Who are eligible?

This scheme is for the people of the 18-40 age group.

Beneficiary has to be from unorganized sector.

Monthly salary income should not exceed 15000 rs.

Beneficiary should not be a member of Employees’ provident fund(EPF).

Beneficiary should not be a member of the National Pension Scheme(NPS).

Beneficiary should not be a member of Employees’ State Insurance Corporation(ESIC).

Income taxpayers are not eligible for the scheme.


As it is an organized sector, exit provisions are flexible. Subscriber can exit pre-maturely, the amount will be returned with interest at the saving bank account rate, or the rate at which the fund earned income( in case of exit after 10 years) whichever is higher.

If the spouse wants in case of death of the beneficiary, can continue the scheme and contribute on the subscriber’s behalf.

Why beneficiaries are less in numbers?

This scheme has completed a period of 2 years and 3 months. But still, the number of people who have enrolled for it is less in numbers and not as per the expectation. Approximately 40 lakhs people have registered for the scheme till now.

Even from registered people, the rate of non-payment is increasing. People are not able to pay premium amounts periodically.

A number of reasons can be responsible for it. The covid-19 pandemic that affected the whole world can also be a reason for it. This scheme is for labourers of the unorganized sector. And during the pandemic, many labourers faced difficulties in maintaining even survival. Naturally, for them, it would have been very difficult or rather impossible to pay for premiums.

Another reason could be people are less aware of the scheme. Registration for the scheme can be done online also, but maybe because laborers are not so familiar with digital mode, the number of registrations would have remained less and during the pandemic time, it was difficult to physically visit the center for registration.

For applying into the scheme or for getting more information, visit:

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