Prime Minister Shram Yogi Mandhan Yojana is a voluntary and contributory pension scheme, launched in 2019 aiming to benefit the workers in the unorganized sector in the country. The pension scheme by the Central government assures a monthly pension of at least Rs 3,000 after attaining the age of 60. If the subscriber dies before the age of 60, only his or her spouse will be entitled to receive fifty per cent of the pension amount.
The monthly prescribed age-specific contribution by a worker joining the scheme at the age of 18, will be Rs 55, with matching contributions from the government. The contributions by both the parties will rise with age. Eligible beneficiaries can enroll for the scheme at their nearest common service centres (CSCs). A savings bank account or Jan Dhan account and an Aadhaar card is required to open the pension account. The service is available at more than 3 lakh CSCs across the country. At CSCs a unique ID number is issued to the beneficiary after successful registration.
Eligibility
Anyone, in the age group of 18-40 years, working in the unorganized sector whose monthly income is less than Rs 15000 is eligible for the pension scheme. The subscriber should not be paying an income tax or be covered by any other pension or financial schemes of the government.
Exit provisions
Within a period of less than 10 years if a subscriber exits the scheme, then only the beneficiary’s share of contribution will be returned to him/her with savings bank interest rate. And if a subscriber exits after 10 years or more but before attaining the age of 60, then the share of contribution along with interest earned by the fund or at the savings bank interest rate whichever is higher, will be returned to the beneficiary.
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