About the Scheme
PM-SYM provides ₹3,000/month guaranteed pension at age 60 to unorganized sector workers. Launched February 15, 2019. Contributory: worker pays ₹55-200/month; government matches 1:1. 47+ lakh registered. Managed by LIC. For workers earning ≤₹15,000/month not covered by EPFO/NPS/ESIC.
Target Beneficiaries: Unorganized sector workers — construction, domestic, rickshaw, fisher, leather, farm workers; 47+ lakh
Key Features
- ₹3,000/month guaranteed pension from age 60 for unorganized sector workers
- Monthly contribution: ₹55 (age 18 entry) to ₹200 (age 40 entry); government matches 1:1
- Eligibility: 18-40 years; monthly income ≤₹15,000; not EPFO/NPS/ESIC member
- 47+ lakh registered workers (2025); managed by Life Insurance Corporation (LIC)
- Family pension: 50% (₹1,500/month) to spouse on worker's death after 60
- Exit before 60: bank savings rate if before 10 years; 7.5% if after 10 years
- Part of Jan Suraksha trinity extension for workers