PM Shram Yogi Maandhan Yojana: The central government is running the Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM) to provide organized sector workers with financial security in their old age. A monthly deposit of ₹55 will earn a monthly pension of ₹3,000. Learn how to take advantage.
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PM Shram Yogi Maandhan Yojana: There are lakhs of labourers in the country who earn their living by working hard every day, but they do not have any permanent job or organization. Such people come under the unorganized sector. This includes rickshaw pullers, street vendors, construction site labourers, domestic workers or small shopkeepers. These people neither have facilities like provident fund (PF) nor pension system. As they grow older and their working capacity decreases, their income stops and financial problems increase. In such a situation, the PM Shram Yogi Maandhan Yojana is being run by the central government.
This scheme has been in effect since February 15, 2019. It is for workers in the unorganized sector who want security in their old age . Under this scheme, the government guarantees a monthly pension of ₹3,000 after the age of 60. This means that if someone starts saving small amounts of money now, they will receive a fixed monthly income. This will provide financial support even in old age. This scheme is no less than a lifeline for the elderly.
Know what is the Prime Minister’s Shram Yogi Maan-Dhan Yojana
You can join this pension scheme voluntarily and must deposit a certain amount every month. The government will contribute an equal amount to your contribution. For example, if you deposit ₹100 per month, the government will also contribute ₹100 for you. When you reach 60, you will begin receiving a fixed pension of ₹3,000 per month. This pension will be paid for life. The scheme is administered by the Life Insurance Corporation of India, ensuring your funds are protected.
Who can avail the benefit?
The scheme benefits workers in the unorganized sector , including street vendors, rickshaw pullers, construction workers, domestic workers, cobblers, washermen, agricultural laborers, and brick kiln workers. Applicants must be between 18 and 40 years of age and must have a monthly income of ₹15,000 or less. Applicants must not be taxpayers and must not be members of any other government social security scheme, such as the EPFO, ESIC, or NPS.
How does this scheme work?
A small monthly contribution is required, determined by age. If a person joins the scheme at age 18, they need to contribute approximately ₹55 per month. However, if someone joins at an older age, they need to contribute slightly more.
For example
55 rupees at the age of 18
80 rupees in 25 years
105 rupees in 30 years
200 rupees in 40 years
How to apply?
The application process for this scheme is very simple. Visit your nearest Common Service Center with your Aadhaar card and bank passbook. Your biometric verification will be done using your fingerprint or OTP . After this, an online form will be filled out and your information will be entered.
The first installment will need to be deposited in cash. An auto-debit facility will then be activated from your bank account so that the monthly amount is automatically deducted. Upon completing your registration, you will receive your Pradhan Mantri Shram Yogi Maan-Dhan Card.
If you prefer to apply online , you can register by visiting the website https://maandhan.in/. You can also call the toll-free number 1800 267 6888 for more information about the scheme.
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