Under the leadership of Prime Minister Narendra Modi, several government schemes have been introduced to help citizens secure their future.
One such scheme is the Prime Minister Shram Yogi Maandhan Yojana, which offers a pension plan for workers in the unorganized sector.
This initiative allows workers to invest a small amount and enjoy a monthly pension after the age of 60. Let’s take a closer look at this scheme.
About the PM Shram Yogi Maandhan Yojana
The Pradhan Mantri Shram Yogi Maandhan (PM-SYM) is a voluntary pension scheme for workers in the unorganized sector.
It ensures that workers can receive a minimum monthly pension of Rs 3,000 after turning 60.
To be eligible, a worker’s monthly income must be Rs 15,000 or less. This scheme is designed to provide a safety net for those working in informal sectors.
Who Can Benefit from This Scheme?
The unorganized sector includes a wide range of workers such as:
Domestic workers
Street vendors
Mid-day meal workers
Construction workers
Agricultural laborers
Cobblers
Rickshaw pullers
And many more…
As of December 31, 2024, over 30.51 crore workers from the unorganized sector have registered on the e-Shram portal, making them eligible for this scheme.
Features of the Scheme
Government Contribution: The central government matches the worker’s contribution on a 1:1 basis.
Flexible Contribution: The scheme allows workers to begin with a small contribution, starting at Rs 55 when they are 18 years old.
The contribution amount can vary based on the worker’s capacity and preference.
Family Pension: In case of the beneficiary’s death, the spouse will receive 50% of the pension amount as a family pension. This benefit is exclusively for the spouse.
Eligibility Criteria
To participate in this scheme, there are certain conditions:
Age: The worker must be between 18 and 40 years of age to start contributing.
Income: Monthly income should be Rs 15,000 or less.
No Other Pension: The worker should not be enrolled in any other government pension scheme, including EPF, ESIC, or NPS.
Taxpayer Status: The worker should not be a taxpayer.
Documents Required: The worker needs to have an Aadhar card, a savings bank account with an IFSC code or a Jan Dhan account, and a mobile number.
