The Central Government aims to provide social security to workers working in the unorganized sector. Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM) Is operating. Eligible workers under this scheme Assured pension of ₹ 3000 every month after completion of 60 years of age Is provided. If you also work in the unorganized sector and want to create a regular source of income for the future, then this scheme can prove beneficial for you.
The most important thing is that Contribution of only ₹ 55 per month on joining the scheme at the age of 18 years In return, one gets the benefit of monthly pension of ₹ 3000 after the age of 60 years.
What is Pradhan Mantri Shram Yogi Maandhan Yojana?
Pradhan Mantri Shram Yogi Maandhan Yojana is a pension scheme launched by the Central Government, which aims to provide financial support to unorganized sector workers in old age. In this scheme, the central government also contributes the same amount as the monthly contribution made by the workers.
After completion of 60 years of age the beneficiary ₹3000 per month i.e. ₹36,000 per year pension Is provided.
Main benefits of the scheme
- ₹3000 monthly pension after age of 60 years.
- An amount equal to the worker’s contribution is deposited by the government.
- Source of regular income in old age.
- Option to continue the plan to the nominated spouse also.
- Benefit of 50% family pension to the spouse after the death of the pensioner.
Who will get the benefit of the scheme?
This scheme has been started for workers working in the unorganized sector. These include:
- street vendors
- rickshaw puller
- domestic workers
- construction workers
- farm worker
- Tailor
- Cobbler
- Washerman
- plumber
- mid-day meal worker
- beedi workers
- garbage collectors
- leather industry workers
- handloom workers
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eligibility conditions
To avail the benefits of the scheme, the applicant must fulfill the following conditions:
- The applicant must be a worker in the unorganized sector.
- Monthly income should not exceed ₹15,000.
- Age should be between 18 years to 40 years.
- It is necessary to have Aadhar card and bank/Jandhan account.
- The applicant should not be a member of any other government pension scheme (EPFO, ESIC, NPS etc.).
- Income tax payers are not eligible for this scheme.
Monthly contribution as per age
| age | monthly contribution |
|---|---|
| 18 years | ₹55 |
| 20 years | ₹61 |
| 25 years | ₹80 |
| 30 years | ₹105 |
| 35 years | ₹150 |
| 40 years | ₹200 |
Note: The older the age you join the scheme, the higher will be the monthly contribution.
Important conditions related to the scheme
- In case of default in contribution, the scheme can be reactivated by depositing the outstanding amount and prescribed interest.
- On exit within 10 years of joining the scheme, only the amount deposited by the member will be refunded as per the interest rate of the savings account.
- If the member leaves the scheme after 10 years but before 60 years, the member will get back his contribution along with the interest earned.
- In case of death of the member, the spouse can avail the benefits of the scheme by continuing regular contributions.
- In case of death of the pensioner after 60 years, 50% of the family pension will be provided to the spouse.
Who cannot take advantage of this scheme?
The following categories of people are not eligible for this scheme:
- EPFO members
- ESIC members
- NPS members
- income tax payer
- Employees availing benefits of statutory social security schemes
How to apply for Pradhan Mantri Shram Yogi Maandhan Yojana?
The following procedure will have to be followed for registration in this scheme:
- Visit your nearest Common Service Center (CSC).
- Take Aadhar card and bank account information with you.
- Provide necessary information to CSC operator.
- Deposit the first installment as per your age.
- Enter nominee information.
- After completion of registration you will be provided with Shram Yogi Card.
Required Documents
- Aadhar card
- Savings Bank Account or Jan Dhan Account
- mobile number
- copy of pass book
- Nominee Details
helpline number
For more information related to Prime Minister Shram Yogi Maandhan Yojana issued by the government. Toll free number 1800-267-6888 Can be contacted at.
FAQs
How much pension is given under Pradhan Mantri Shram Yogi Maandhan Yojana?
Under this scheme, a pension of ₹ 3000 per month is provided after completion of 60 years of age.
What is the minimum monthly contribution in the scheme?
On joining the scheme at the age of 18 years, only ₹ 55 per month has to be contributed.
What is the age limit for this scheme?
The age of the applicant should be between 18 to 40 years.
Can income taxpayers take advantage of this scheme?
No, income taxpayers are not eligible for this scheme.
Where can one apply for the scheme?
Applicants can register by visiting their nearest CSC centre.
