PM-SYM: Social Security Boost for Unorganized Workers

Why in the news?

The Pradhan Mantri Shram Yogi Maandhan Yojana received a 37% budget allocation increase for 2025-26, highlighting the government’s commitment to securing financial stability for millions of workers in India’s unorganized sector.

PM-SYM: Social Security Boost for Unorganized Workers

Key Features of PM-SYM:

  • Pension Assurance: Provides ₹3,000 per month after the subscriber reaches 60 years of age.
  • Contribution Model: Follows a 50:50 contribution model where the government matches the subscriber’s contribution.
  • Family Pension: In case of the subscriber’s demise, the spouse receives 50% of the pension amount.
  • Eligibility: Open to workers aged 18-40 years with a monthly income of ₹15,000 or below. Subscribers should not be part of EPFO, ESIC, or NPS.

Exit and Withdrawal Options

  • Early Exit: Opting out before 10 years results in a refund of the contribution along with interest.
  • After 10 Years: Exiting between 10 years and the age of 60 provides the contribution along with accumulated interest.

Budget Allocation and Significance

  • Increased Budget: The 2025-26 allocation has risen by 37%, emphasizing the government’s focus on social security for unorganized sector workers.
  • Critical Financial Support: PM-SYM aims to provide financial stability to millions of unorganized workers, contributing to inclusive social development.

About Pradhan Mantri Shram Yogi Maandhan Yojana:

  • A government scheme for old-age protection and social security of unorganized workers.
  • Administered by the Ministry of Labour and Employment.
  • Implemented through LIC and CSC eGovernance Services India Limited.
  • LIC acts as the Pension Fund Manager, responsible for pension payout.