Application Process of the PM-SYM Yojana
- Interested and eligible people should go to the local CSC center. The Village Level Entrepreneur (VLE) present at the CSC will enter the Aadhaar number, subscriber’s name as stated on the Aadhaar card, and date of birth as printed on the Aadhaar card, and the information will be verified with the UIDAI database.
- Additional information such as bank account information, mobile phone number, email address, if any, spouse, and nominee information will be collected.
- The eligibility conditions will be self-certified.
- The system will automatically determine the monthly payments due based on the subscriber’s age.
- The subscriber must also pay the first subscription fee in cash to the VLE, who will issue a receipt to the subscriber.
- The Enrolment Form and Auto Debit mandate will also be produced and signed by the subscriber. The signed enrollment cum auto-debit mandate will then be scanned and uploaded into the system by the VLE.
- At the same time, CSC will produce and print a unique Shram Yogi Pension Account Number and Shram Yogi Card.
- When the procedure is finished, the subscriber will get a Shram Yogi Card and a signed copy of the enrolment form for his records.
- He will also receive regular SMS notifications on the activation of auto-debit and the Shram Yogi Pension Account data.
Pradhan Mantri Shram Yogi Maan-Dhan Yojana
In February 2019, Prime Minister Narendra Modi launched Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) under the Ministry of Labour and Employment. It was launched in Vastral, Gujarat. The largest pension scheme in the world is PM-SYM. Pradhan Mantri Shram Yogi Maan-Dhan is a central sector initiative to protect the aged and provide social security to unorganized workers (UW). This initiative aims to help around 42 crore workers in the unorganized sector of the country.
The initiative is aimed to help workers in the unorganized sector, such as street vendors, rickshaw pullers, agricultural laborers, mid-day meal workers, construction workers, and others. After attaining the age of 60, the beneficiary would be entitled to an assured monthly pension of Rs 3000/- per month, After the beneficiary’s death, half of the pension is paid to the beneficiary’s spouse as a family pension.