To provide financial security for unorganized sector workers in their old age, the government launched the Pradhan Mantri Shram Yogi Maandhan Yojana.
Under this scheme, workers earning less than Rs 15,000 a month will receive a pension of Rs 3,000 per month after turning 60.
Workers are required to invest just Rs 55 monthly, making this scheme a crucial support for them in their old age. It mainly benefits those who are financially vulnerable.
The unorganized sector in India consists of a large number of daily wage laborers, whose future depends on their current earnings.
To ensure their financial security, the government has introduced this pension scheme. Let’s look at who can benefit from this scheme.
Pradhan Mantri Shram Yogi Maandhan Yojana
Launched in 2019, the Pradhan Mantri Shram Yogi Maandhan Yojana aims to financially empower unorganized sector workers.
Under this scheme, they receive a Rs 3,000 monthly pension after the age of 60.
The government matches the monthly contribution made by the worker. For example, if the worker contributes Rs 100, the government contributes the same amount.
This is a pension scheme designed to support workers in the unorganized sector.
Who is Eligible for the Pension?
The scheme targets workers from the unorganized sector, including domestic workers, street vendors, drivers, tailors, construction workers, ragpickers, bidi makers, agricultural workers, cobblers, and leather workers.
Eligibility Criteria for PM Shram Yogi Yojana
To apply for the PM Shram Yogi Yojana, the worker’s income should not exceed Rs 15,000 per month.
They must have a passport and Aadhaar number linked to a savings or Jan Dhan account.
The applicant’s age must be between 18 and 40 years. Additionally, they should not already be receiving benefits from any other central government pension scheme.
How to Apply
To apply, visit the nearest Common Service Center (CSC) and register for the scheme.
You will need to provide documents like your Aadhaar card, PAN card, and a passbook or checkbook from your savings account.
After registration, you will receive a Shram Yogi card number, and monthly installments will be deducted directly from your bank account.
