Pension Scheme: The Central Government places significant emphasis on advancing the nation’s economic progress, particularly for those living in poverty. As a result, it routinely launches new initiatives. In line with this approach, a new scheme has been rolled out for workers in the unorganised sector, aiming to offer them pension benefits.
Details About Pradhan Mantri Shram Yogi Maandhan Yojana
With the introduction of the Pradhan Mantri Shram Yogi Maandhan Yojana, qualified workers will be entitled to a monthly pension of Rs 3,000 upon turning 60. Designed as a voluntary and contributory pension plan, its purpose is to ensure these workers have financial support during their retirement years.
Who stands to gain from the scheme?
This initiative is open to street vendors, rickshaw pullers, domestic workers, construction workers, agricultural labourers, waste pickers, and other workers from the unorganised sector. These individuals will benefit from a steady income during old age. Unlike those employed in the formal sector, unorganised workers do not have coverage under the Employees’ Provident Fund Organization (EPFO), Employees’ State Insurance Corporation (ESIC), or the National Pension System (NPS).
Eligibility requirements set by the government
To enrol in the Pradhan Mantri Shram Yogi Maandhan Yojana, applicants must meet certain conditions. They need to be aged between 18 and 40, earn a monthly income of Rs 15,000 or less, and must not pay income tax.
Regular monthly contributions are necessary
As a contribution-based programme, the scheme requires participants to pay a set amount each month according to their age group. Depending on age, workers may contribute between Rs 55 and Rs 200 per month. The Central Government matches the beneficiary’s contribution with an equal amount. Once they reach 60 years of age, eligible participants will start receiving a monthly pension of Rs 3,000.
How to enrol?
Workers interested in joining can register at their nearest Common Service Center (CSC). Registration involves providing an Aadhaar card and bank account information. Additional information is available on the official website, maandhan.in. Prospective applicants should review the eligibility criteria and contribution requirements before submitting their application.