Who will support you in old age? There is no need to worry. With your small effort and help from the government, you can get ₹3000 every month. The government has a special scheme that ensures financial support in old age. This means, after turning 60, you won’t need to depend on anyone.
The Government of India started the Pradhan Mantri Shram Yogi Maandhan Yojana in February 2019. This scheme is for people working in the unorganized sector like street vendors, drivers, rickshaw pullers, domestic workers, construction workers, beedi workers, and farm laborers.
These workers often face financial problems in old age when they stop working. So far, more than 46 lakh people have joined this scheme.
Who Can Apply and How Much to Pay
People between 18 and 40 years of age with monthly income of ₹15,000 or less can apply. The person has to pay a small amount every month based on age. The government will also pay the same amount.
- At 18 years: ₹55/month
- At 29 years: ₹100/month
- At 40 years: ₹200/month
You need to pay till you turn 60. After that, you will get ₹3000 per month as pension.
How to Join the Scheme
You can join the scheme through your nearest CSC center or online. You only need an Aadhaar card and a savings bank account. After registration, you will get a Shram Yogi Card and Account Number.
If the person dies, the husband or wife will get 50% pension. If someone leaves the scheme before 10 years, the money will be returned with savings account interest.
This scheme is managed by LIC and CSC. For more information, visit the official website: https://maandhan.in
Note: People earning above ₹15,000 per month or paying income tax or members of EPFO, NPS, or ESIC are not eligible.