Mumbai, March 27: Indian government is expanding social security coverage for informal workers through the Pradhan Mantri Shram Yogi Maandhan (PM-SYM), a contributory pension programme that guarantees a monthly payout of INR 3,000 after the age of 60. The scheme targets millions of workers in the unorganised sector who typically lack access to formal retirement benefits.

Launched to address income insecurity in old age, the scheme is open to workers such as street vendors, construction labourers, domestic workers and small traders. With over 52.5 lakh enrolments recorded as of March 2026, officials say participation has steadily increased as awareness grows. 'No Change in Petrol, Diesel Prices': Govt Says Excise Cut to Offset OMC Losses, Not Reduce Pump Rates.

PM Shram Yogi Maandhan Scheme

How the Pradhan Mantri Shram Yogi Maandhan (PM-SYM) Scheme Works

The PM-SYM scheme operates on a voluntary and contributory basis. Subscribers make small monthly contributions during their working years, which are matched equally by the central government. The contribution amount depends on the age at entry. For example, an 18-year-old contributes INR 55 per month, while a 40-year-old contributes INR 200. After reaching 60 years of age, subscribers receive a fixed monthly pension of INR 3,000.

Pradhan Mantri Shram Yogi Maandhan (PM-SYM): Eligibility Criteria

To enroll, individuals must be between 18 and 40 years old and have a monthly income of INR 15,000 or less. The scheme is designed specifically for those outside formal employment structures. Applicants should not be members of other social security programmes such as the Employees' Provident Fund Organisation (EPFO), Employees' State Insurance Corporation (ESIC), or the National Pension System (NPS). Is PM Narendra Modi Promoting a Scheme Offering INR 2 Lakh on an INR 21,000 Investment? PIB Fact Check Says Viral Video Is Digitally Altered.

Enrollment Process

Workers can register through Common Service Centres (CSCs), which are spread across the country, or apply online via the official PM-SYM portal. The enrollment process is designed to be simple, aiming to encourage participation among workers who may have limited access to formal financial systems.

How to Apply for Pradhan Mantri Shram Yogi Maandhan (PM-SYM) Online

  • Go to the official PM-SYM portal

  • Click on “Self Enrollment”

  • Enter your mobile number (OTP verification)

  • Fill in details of Aadhaar, Bank account, and Personal details

  • Choose your monthly contribution plan

  • Set up auto-debit (e-mandate)

  • Submit and download your registration confirmation

Key Benefits and Impact

The scheme offers a guaranteed pension, low contribution requirements, and co-contribution from the government, making it accessible to low-income earners. Policy experts note that such initiatives are critical in a country where a large portion of the workforce operates outside formal employment, often without savings or retirement planning.

The PM-SYM scheme is part of broader efforts to expand India’s social safety net and reduce financial vulnerability among ageing populations in the informal sector. As enrollment continues to grow, the scheme is expected to play a key role in providing basic income security to millions of workers after retirement.

TruLY Score by LatestLY
Rating:5

TruLY Score 5 – Trustworthy | On a Trust Scale of 0-5 this article has scored 5 on LatestLY. It is verified through official sources (Official X Account of PIB India). The information is thoroughly cross-checked and confirmed. You can confidently share this article with your friends and family, knowing it is trustworthy and reliable.

(The above story first appeared on LatestLY on Mar 27, 2026 04:45 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).