Pension Scheme: Millions of laborers in the country earn their living through daily hard work, but they lack permanent employment or organization. These individuals fall into the unorganized sector, such as rickshaw pullers, street vendors, construction workers, domestic workers, and small shopkeepers. These individuals have no access to benefits like provident fund (PF) or pensions. As they age, their working capacity declines, leading to a stagnation in income and increasing financial difficulties.
Keeping this problem in mind, the central government has launched the Pradhan Mantri Shram Yogi Maan-Dhan Yojana (PM-SYM). This scheme is for workers in the unorganized sector who want security in their old age. Under this scheme, the government guarantees a monthly pension of Rs 3,000 after the age of 60. This means that if a person starts saving small amounts now, they will receive a fixed monthly income, providing financial support in old age.
What is the Prime Minister’s Shram Yogi Maan-Dhan Yojana?
This is a voluntary pension scheme, meaning you can join it voluntarily and have to deposit a certain amount every month. The government will contribute an equal amount to your contribution. For example, if you deposit Rs 100 every month, the government will add Rs 100 for you. When you reach 60, you will begin receiving a fixed pension of Rs 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 join this scheme?
The Pradhan Mantri Shram Yogi Maan-Dhan Yojana is open to all those in the unorganized sector whose monthly income is Rs 15,000 or less. These include rickshaw pullers, auto drivers, street vendors, pushcart pullers, domestic servants, construction workers, tailors, cobblers, washermen, plumbers, electricians, agricultural laborers, loom manufacturers, fishermen, ragpickers, leather and handicraft workers, mid-day meal workers, and small shopkeepers.
How to apply?
The application process for this scheme is very simple. Visit the nearest Common Service Center with your Aadhaar card and bank passbook. Your biometric verification will be done using your fingerprint or OTP. An online form will then be filled out and your details entered. The first installment will be deposited in cash, and then an auto-debit facility will be activated from your bank account so that the monthly amount is automatically deducted. Upon completing the 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/ . For more information about the scheme, you can also call the toll-free number 1800 267 6888.