For millions of unorganised workers in India, the biggest concern in old age is financial security. The lack of regular income and social security often makes old age difficult. Keeping this problem in mind, the central government has launched the Pradhan Mantri Shram Yogi Maan-dhan Yojana, which aims to provide a fixed monthly pension to workers in the unorganised sector.

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Scheme Objective and Benefits

The main objective of the Pradhan Mantri Shram Yogi Maan-dhan Yojana is to ensure a pension of ₹3,000 per month to unorganised sector workers after the age of 60. This scheme is designed for those who live on low incomes and are unable to save significantly for the future. By regularly depositing a small amount, workers can secure their old age financially.

Who Can Avail the Benefits of the Scheme?

Unorganised workers aged 18 to 40 years can join this scheme. Eligibility requires a monthly income of ₹15,000 or less. The scheme covers people such as street vendors, rickshaw pullers, rag pickers, construction workers, daily wage labourers, agricultural workers, domestic workers, weavers, artisans, fishermen, and workers in the leather industry.

Who Cannot Apply?

Individuals who are already covered under the Employees’ Provident Fund, Employees’ State Insurance Corporation, or National Pension Scheme cannot avail the benefits of this scheme. Additionally, income taxpayers or individuals already receiving benefits from any other government pension scheme are also not eligible for this scheme.

Investment and Government Contribution

The most unique feature of the Shram Yogi Maan-dhan Yojana is that the government contributes an equal amount to the worker’s contribution. For example, if a worker deposits a minimum of Rs 55 per month according to their age, the same amount is added by the central government. The contribution amount increases with age, but the pension amount remains the same for everyone.

What will the family receive after death?

If a beneficiary enrolled in the scheme dies, their spouse receives 50 percent of the pension amount as a family pension. This benefit is limited to the spouse only and is not extended to any other family member.

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Registration Process

To join the scheme, workers can register at their nearest Common Service Centre. Registration is also possible through the Maandhan portal. An Aadhaar card, bank or Jan Dhan account details with IFSC code, and a mobile number are mandatory for registration. This scheme is administered by the Life Insurance Corporation of India (LIC).