Government Scheme: The government is running several schemes to benefit people from all walks of life. Currently, the central government has launched the Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYMY) for millions of workers in the unorganized sector. Under this scheme, eligible workers receive a guaranteed pension of ₹3,000 every month after reaching the age of 60, which they receive for life. This scheme is designed to financially secure the future of workers.
Scheme Objective and Eligibility
This scheme is for those whose monthly income is ₹15,000 or less and who do not have any permanent pension arrangement for the future. The scheme is specifically designed for unorganized sector workers such as street vendors, domestic workers, rickshaw pullers, construction workers, agricultural laborers, and other self-employed individuals. The age limit for applying to this scheme is between 18 and 40 years. The investment amount is determined based on the applicant’s age.
Investment and Pension Details
The applicant has to make a monthly contribution according to their age, ranging from a minimum of ₹55 to a maximum of ₹200. This investment has to be made by the age of 60. Once enrolled in the scheme, the beneficiary starts receiving a pension of ₹3,000 every month after completing 60 years of age. If the beneficiary dies, their spouse continues to receive 50 percent of the pension for life.
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Learn about the application process
Joining this scheme is quite easy. Interested workers can apply by visiting their nearest Common Service Center (CSC). The required documents for the application include an Aadhaar card, an identity card, a bank account passbook, a correspondence address, a mobile number, and a passport-size photograph. Due to its low investment requirement and guaranteed lifetime pension, this scheme is very popular among middle-class people across the country and has become an important means of financial security for workers in the unorganized sector.
Adarsh P
Adarsh Pal is a content writer at Timesbull Media. He specializes in writing news related to industry updates, the automotive sector, banking, telecommunications, the travel sector, and personal finance. Adarsh has previously worked with several digital media channels. He is skilled at presenting news accurately and disseminating information based on...
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