PM Maandhan Yojana- Many such schemes have been started in the government of Prime Minister Narendra Modi, in which you can invest and secure your future. One of these is also the Prime Minister Shram Yogi Maandhan Yojana. Pension can be arranged by making a small investment in this scheme. However, this scheme is for workers of the unorganized sector. Let us know about the scheme in detail.

Pradhan Mantri Shram Yogi Maandhan (PM-SYM) is a voluntary and contributory pension scheme. This scheme ensures a minimum monthly pension of Rs 3,000 after the age of 60 years for workers belonging to the unorganised sector whose monthly income is up to Rs 15,000.

The workers in the unorganized sector mostly include domestic workers, street vendors, mid-day meal workers, head load carriers, handloom workers, leather workers, brick kiln workers, cobblers, ragpickers, domestic workers, washermen, rickshaw pullers, landless laborers, agricultural laborers, construction site workers, bidi workers, audio-visual workers or workers engaged in other similar works. According to the e-Shram portal, more than 30.51 crore workers working in the unorganized sector are registered as of 31 December 2024.

Features of the scheme

In the scheme, the central government contributes equal to the worker’s contribution on a 1:1 basis. One starts with a small investment of Rs 55 at the age of 18. This scheme is not mandatory but voluntary. Workers can contribute based on their capacity and need. If the beneficiary dies, the spouse gets 50 percent of the pension amount as family pension. Family pension will be available only to the spouse.

-Age limit for investment should be between 18 to 40 years.

– Monthly income should be Rs 15,000 or less.

– Should not be covered under the Employees Provident Fund (EPF), Employees State Insurance Corporation (ESIC), or National Pension Scheme (NPS). Also should not be an income tax payer.

– The beneficiary is not receiving benefits of any other government pension scheme.

– Aadhaar card, savings bank account with IFSC or Jan Dhan account. Apart from this, one should use mobile. All these are necessary documents.