Prime Minister Shram Yogi Maandhan Pension Scheme

Prime Minister Shram Yogi Maandhan Pension Scheme

In the Interim General Budget 2019 by Prime Minister Narendra Modi, the ambitious pension scheme Pradhan Mantri Shramyogi Maandhan Yojana was announced for the workers of the unorganized sector of the country.  Under the scheme, the unorganized sector workers/labourers will get a monthly pension of at least three thousand rupees after the completion of 60 years or retirement.

Key details of the scheme

This scheme was launched on 15 February 2019.  The total budget of the scheme is Rs 500 crore.

To take advantage of Pradhan Mantri Shramyogi Maandhan Yojana, the minimum age should be 18 years and the maximum age should be 40 years.  People younger and older than this will not be able to take advantage of the scheme.

Under this scheme, workers with a monthly income of less than Rs 15 thousand, whose age is between 18 and 40 years, according to their age, they can contribute Rs 55 to 200 and at least three thousand rupees after 60 years of age.  You can get monthly pension of Rs.

In this scheme, the amount of premium equal to the premium paid by you will also be paid by the government.  Which means there will be a 50-50% partnership between the government and the beneficiary.

The main objective of Pradhan Mantri Shramyogi Maandhan Yojana is to provide financial assistance to the workers of the unorganized sector after the age of 60 years.  So that they do not have to face financial crisis after retirement.

For this scheme, 3.13 lakh centers have been set up across the country.  The process of registration for the scheme is going on from February 15.  Large network of LIC has been used to register for the scheme.

Pradhan Mantri Shram Yogi Maandhan Yojana Application Form and Process

You can apply for the Pradhan Mantri Shram Yogi Maandhan Yojana at the Common Service Center of the Panchayat, apart from doing online registration.

To apply for this scheme, you have to go to the Common Service Center (CSC) near you with Aadhaar card and bank account information.

Here the service center officials after taking all the information from the applicant will register in the scheme based on the age of the applicant, on that basis the applicant will have to pay the premium.

The premium amount for the first month will be deducted from the account wallet of the CSC officer, after which the applicant will have to pay the same in cash to the CSC officer.

The online Shram Yogi Pension Number of the applicant will be generated as soon as the official makes the online payment.  Also, a separate receipt will be generated with the signature of the applicant.

The officer will take a print out of this receipt, take the applicant's signature on it, and then scan it and upload it on the site.  After this, the applicant's Shram Yogi card will be generated, which will be printed and given.

Finally, after verifying the bank account, premium debit will be activated every month, the information of which will also be available to the applicant through a message in the mobile.

Understand how much premium will have to be paid from the contribution chart given below

In case of leaving the plan midway:-

If someone leaves the scheme within 10 years after starting the scheme, then the amount he had deposited as premium till now will get that amount along with interest.

If a person leaves the scheme after 10 years of starting the scheme but before 60 years, then he gets interest along with premium amount, interest rate of pension fund or interest rate on ordinary account, whichever is higher.

On death (before 60 years) – If a person participates in the scheme, and also pays the premium continuously, but if he dies in the middle then his spouse can continue this plan.  , and can deposit further premium.  But if he does not want to continue the scheme further, then he can leave in the middle, the deposit amount will be given to him by the government along with interest.  If the holder and his/her nominee spouse also dies, then all the deposits will go to the Pension Fund Fund.

On death after 60 years – If a person dies after the age of 60 years, then his spouse will continue to get 50% of the pension amount received under this scheme.