In a bid to provide a social security net to people working in the unorganised sector, the Modi government launched the Pradhan Mantri Shram Yogi Maandhan Yojana. The voluntary and contributory pension scheme ensures a minimum pension of Rs 3,000 every month to workers over the age of 60 who earned Rs 15,000 or less monthly while working in the unorganised sector.
The scheme was introduced in 2019 under the Interim Budget. The contribution made by the worker depends on the age at which they join the scheme. The lower the age of the subscriber at the time of joining the plan, the less they have to pay.
How To Get Rs 3,000 Monthly Pension?
To get the pension, people need to enrol in the scheme. A certain amount will be deducted from their bank account every month for the pension. The government will match the contribution from its end. Once the beneficiary turns 60, they can enjoy a pension of Rs 3,000 every month.
Pradhan Mantri Shram Yogi Maandhan Yojana: Who Is Eligible?
The scheme is open to workers engaged as street vendors, cobblers, head loaders, domestic workers, washer men, rag pickers, rickshaw pullers, landless labourers, agricultural workers and more. They can join the scheme between the ages of 18 and 40 years. These workers must not pay income tax. Apart from that, people who are part of the Pradhan Mantri Shram Yogi Maandhan Yojana must not be covered by schemes like the Employees' State Insurance Corporation (ESIC) scheme, New Pension Scheme (NPS), or the Employees' Provident Fund Organisation (EPFO).
How To Enrol
To enrol in the scheme, people need to have a mobile number, an Aadhaar card, and a savings bank account or Jan Dhan account details with the IFSC code. Beneficiaries can either enrol online using the Maandhan portal at https://maandhan.in. Alternatively, they can visit Common Service Centres (CSCs) across India to start the process.
Here is the step-by-step process:
— Visit a CSC with documents like Aadhaar and a savings bank account number.
— Give your biometric authentication using Aadhaar.
— Fill an online registration form.
— The first subscription to the scheme must be paid in cash.
— Select the auto-debit facility from your bank account.
— Once the enrolment is complete, a PM-SYM card will be given.
What Happens If The Beneficiary Dies Before Reaching 60?
If the beneficiary dies before reaching the age of 60, their spouse will be entitled to join and continue the scheme via regular payments. Alternatively, they can exit the plan as per the withdrawal provisions
In case a subscriber exits the scheme less than 10 years after joining, only their share of the contribution to the pension will be returned with savings bank interest rate. If the beneficiary leaves the scheme after a period of more than 10 years but before reaching 60, their share of contribution and accumulated interest, either as earned by the fund or at the savings bank interest rate, whichever is higher, will be paid, as per the official website.
If the subscriber dies after 60, their spouse is entitled to receive 50% of the pension as a family pension.
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