The PM Shram Yogi Maandhan Yojana is a significant welfare initiative launched by the Indian Government in 2019. The primary goal of this scheme is to provide financial security to unorganized sector workers in their old age. This pension scheme offers a monthly pension of ₹3,000 upon reaching 60 years, with a small monthly contribution. Here’s a comprehensive guide to understanding the benefits, eligibility, and registration process for this scheme.
Contents
Contents
- What is the PM Shram Yogi Maandhan Yojana?
- Eligibility Criteria for the Scheme
- Contribution Details
- Required Documents for Registration
- Registration Process
- Benefits of the PM Shram Yogi Maandhan Yojana
What is the PM Shram Yogi Maandhan Yojana?
The PM Shram Yogi Maandhan Yojana is designed to provide pension benefits to workers in the unorganized sector, including laborers, rickshaw drivers, sanitation workers, vegetable vendors, and landless agricultural workers. These workers often lack access to formal pension schemes and social security benefits. The scheme aims to fill this gap by offering financial assistance after they turn 60.
Eligibility Criteria for the Scheme
The following individuals are eligible to enroll in the scheme:
- Unorganized sector workers: Such as domestic helpers, small vendors, construction workers, and similar categories.
- Income Criteria: Individuals with a monthly income of less than ₹15,000.
- Age Group: Applicants must be between the ages of 18 and 40.
- Non-coverage under EPFO, NPS, or ESIC: The scheme is only for individuals not covered by the Employees’ Provident Fund Organization (EPFO), National Pension Scheme (NPS), or Employees’ State Insurance Corporation (ESIC).
Contribution Details
To avail of the benefits of the PM Shram Yogi Maandhan Yojana, the contribution varies depending on the applicant’s age:
- At age 18: ₹55 per month (₹660 annually)
- At age 40: ₹200 per month (₹2,400 annually)
Once the person reaches 60 years, they will start receiving a pension of ₹3,000 per month. This pension is guaranteed for life, ensuring financial security in old age.
Required Documents for Registration
To apply for the PM Shram Yogi Maandhan Yojana, applicants need to provide the following documents:
- Aadhaar Card
- Bank Passbook (with a linked bank account for direct benefit transfer)
- Passport-size Photograph
- Mobile Number (for communication and receiving updates)
Registration Process
The registration process for the PM Shram Yogi Maandhan Yojana is simple and can be done through the following steps:
- Visit your nearest Jan Seva Kendra (Common Service Center) to register.
- Submit the required documents mentioned above.
- Fill out the application form, providing necessary details such as your name, age, income, and contact information.
- After verification, your registration will be completed, and you can start making contributions as per the guidelines.
Once registered, you will begin contributing to the scheme, and after reaching the age of 60, you will be entitled to receive a pension.
Benefits of the PM Shram Yogi Maandhan Yojana
- Financial Security: The scheme provides a monthly pension of ₹3,000 after 60 years, helping unorganized sector workers lead a dignified life post-retirement.
- Affordability: The contribution amount is minimal, making it accessible to individuals with low monthly incomes.
- Inclusive Welfare: This scheme addresses the financial needs of workers who are not covered under other formal pension schemes.
- No Intermediaries: The pension is directly credited to the beneficiary’s bank account, ensuring transparency and ease of access.
Key Statistics
- Total Registrations: 45,77,131
- Women: 53.1%
- Men: 46.9%
- Registrations in Maharashtra: 10,154
Conclusion
The PM Shram Yogi Maandhan Yojana is an invaluable initiative for the unorganized workers of India, providing them with a financial cushion after retirement. With minimal contribution and easy registration, the scheme ensures financial stability for workers who have limited access to formal pension systems. If you qualify, it is highly recommended to take advantage of this scheme for a secure and peaceful old age.