Pradhan Mantri Shram Yogi Maandhan Yojana

The Pradhan Mantri Shram Yogi Maandhan Yojana is a pension scheme launched by the Government of India. It aims to provide financial security to unorganised sector workers after retirement. The scheme ensures a fixed monthly pension of Rs. 3,000 to eligible beneficiaries once they turn 60. Read on for eligibility criteria, features, registration process, and benefits of PM Shram Yogi Maandhan Yojana.

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What is Pradhan Mantri Shram Yogi Maandhan Yojana?

The Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM) is a voluntary pension scheme for workers in the unorganized sector. Launched in 2019, this initiative aims to provide social security to about 90% of the labor force in this sector. PM Shram Yogi Maandhan Yojana guarantees a minimum pension of ₹3,000 per month to eligible individuals once they reach the age of 60.

Pradhan Mantri Shram Yogi Maandhan Yojana Eligibility

To take advantage of the PM-SYM scheme, individuals must meet specific eligibility criteria. Below is a list of key requirements that one must fulfill:

1. Age: The applicant must be between 18 and 40 years of age.

2. Income: The individual should have a monthly income of less than ₹15,000.

3. Occupation: The scheme is open to unorganized workers. This includes street vendors, domestic workers, and agricultural laborers, among others.

4. Non-member of EPFO/ESIC/NPS: Applicants should not be members of any Established Pension Fund Organization, such as EPFO (Employees’ Provident Fund Organization) or ESIC (Employees' State Insurance Corporation), or be income taxpayers.

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Features of Pradhan Mantri Shram Yogi Maandhan Yojana

Here are some of the key features of PM Shram Yogi Maandhan scheme:

• Guaranteed Pension: Subscribers are assured a fixed monthly pension of ₹3,000 once they turn 60 years old.

• Government Support: The Government of India contributes an equal amount to the subscriber's contribution, matching it on a 1:1 basis.

• Optional Participation: The scheme is voluntary, allowing workers to contribute as per their financial capabilities.

• Family Support: In the event of the subscriber’s death, their spouse will receive 50% of the pension amount, ensuring continued financial security for the family.

• Simple Enrollment Process: Eligible individuals can easily register either through Common Service Centers (CSCs) or online via the Maandhan portal for added convenience.

• Exit Conditions: Participants have the option to exit the scheme under specific circumstances, offering them flexibility.

Pradhan Mantri Shram Yogi Maandhan Yojana Registration

Registering for the PM-SYM is a simple process. Here are the steps to enroll in PM Shram Yogi Maandhan Yojana:

1. Visit a Common Service Centre (CSC): Find the nearest CSC that provides assistance with the registration.

2. Bring Required Documents: Carry Aadhaar card and savings bank account details.

3. Biometric Authentication: Use Aadhaar for biometric identification.

4. Fill Registration Form: Complete the online registration form provided at the CSC.

5. Initial Contribution: Make first subscription payment in cash at the CSC.

6. Select Auto-Debit Option: Choose to set up an auto-debit from bank account for future contributions.

7. Receive PM-SYM Card: After registration applicants receive a unique PM-SYM card.

Additionally, applicants can register through the official Maandhan portal online for added convenience.

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PM Shram Yogi Maandhan Yojana Benefits

As per the e-Shram portal, around 30.51 crore unorganised workers have registered for PM SYM (December 2024). Here’s how PM Shram Yogi Maandhan Yojana benefits them: 

• Financial Security: By ensuring a minimum pension, the scheme offers peace of mind for workers approaching retirement.

• Empowerment: Through regular income, older workers can maintain their dignity and continue to participate in life actively.

• Reduced Poverty: The scheme aims to alleviate poverty among unorganized workers by providing them with a steady income.

• Support for Families: The family pension feature offers crucial financial aid if the primary beneficiary passes away, ensuring that families are taken care of.

• Increased Awareness: The government conducts campaigns to increase awareness about the PM-SYM scheme. These initiatives help register more workers and expand its impact.

In summary, the Pradhan Mantri Shram Yogi Maandhan Yojana is a significant step towards social security for unorganised workers. It ensures financial stability after retirement through a well-structured pension plan.

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