Pradhan Mantri Shram Yogi Maandhan Yojana, Benefits

The Pradhan Mantri Shram Yogi Maandhan Yojana launched by the Government of India is a pension scheme that provides financial security to unorganised sector workers after retirement. The scheme offers a fixed monthly pension of Rs. 3,000 to the beneficiaries who turn 60. In this article, we are going to cover about the Pradhan Mantri Shram Yogi Maandhan Yojana, its history, objectives, registration process and benefits of the scheme.

Pradhan Mantri Shram Yogi Mandhan Yojana Overview

The PM Shram Yogi Maandhan Yojana is a voluntary pension scheme, launched in 2019 for workers in the unorganised sector. The goal is to provide social security to 90% of the labor force in this sector with a guarantee of minimum Rs.3000 per month to eligible individuals who reach the age of 60.

Pradhan Mantri Shram Yogi Maandhan Yojana Eligibility

To enroll in the PM-SYM Scheme, the following eligibility criteria has to be met: 

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.

Features of Pradhan Mantri Shram Yogi Maandhan Yojana

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

• Guaranteed Pension: Subscribers receive a fixed monthly pension of ₹3,000 upon reaching the age of 60.
• Government Contribution: The Government of India matches the subscriber's contribution on a 1:1 basis, ensuring financial support.
• Voluntary Enrollment: The scheme is optional, allowing workers to contribute based on their financial capacity.
• Family Security: In case of the subscriber’s demise, their spouse will receive 50% of the pension amount, providing continued financial stability.
• Easy Registration: Eligible individuals can enroll effortlessly through Common Service Centers (CSCs) or the Maandhan portal for convenience.
• Flexible Exit Options: Participants can opt out under specific conditions, offering them financial flexibility.

Pradhan Mantri Shram Yogi Maandhan Yojana Registration 

To register for the Pradhan Mantri Shram Yogi Maandhan Yojana the following steps have to be followed:

1. Visit a Common Service Centre (CSC): Locate the nearest CSC offering registration assistance.
2. Carry Required Documents: Bring your Aadhaar card and savings bank account details for verification.
3. Biometric Authentication: Use your Aadhaar-linked biometric identification to complete authentication.
4. Complete Registration Form: Fill out the online registration form at the CSC.
5. Make Initial Contribution: Pay the first subscription amount in cash at the CSC.
6. Set Up Auto-Debit: Opt for automatic deduction from your bank account for future contributions.
7. Receive PM-SYM Card: Upon successful registration, you will be issued a unique PM-SYM card.

Additionally, applicants can register online through the official Maandhan portal for a seamless and hassle-free process.

PM Shram Yogi Maandhan Yojana Benefits

Approximately 30.51 crore unorganised workers have registered for PM-SYM through the e-Shram portal. This scheme provides several key benefits:

• Financial Security: Guarantees a minimum pension, offering stability and peace of mind post-retirement.
• Empowerment: Ensures a regular income, enabling senior workers to live with dignity and remain active in society.
• Poverty Reduction: Helps combat financial hardship among unorganised workers by securing a steady pension.
• Family Support: In case of the subscriber’s demise, the spouse receives 50% of the pension, providing crucial financial aid.
• Greater Awareness: Government-led campaigns promote awareness, encouraging more workers to enroll and benefit from the scheme.

In essence, PM Shram Yogi Maandhan Yojana is a landmark initiative that strengthens social security for unorganised workers, ensuring financial stability in their later years through a structured pension plan.

Pradhan Mantri Shram Yogi Maandhan Yojana FAQs

Q1. When was the Pradhan Mantri Shram Yogi Maandhan Yojana launched?

Ans. The scheme was launched on 15th February 2019.

Q2. What is the minimum monthly pension under the Pradhan Mantri Shram Yogi Maandhan Yojana?

Ans. The minimum monthly pension is ₹3,000 after the age of 60.

Q3. How can one avail the benefits of the Pradhan Mantri Shram Yogi Maandhan Yojana?

Ans. Eligible workers can register at Common Service Centres (CSCs) or via the Maandhan portal.

Q4. What is the Pradhan Mantri Shram Yogi Maandhan Pension Yojana?

Ans. It is a voluntary pension scheme for unorganised sector workers, ensuring financial security after retirement.

Q5. How can I get a ₹3,000 pension?

Ans. By enrolling in PM-SYM, making monthly contributions till 60 years of age, and receiving the pension thereafter.

Q6. Who is eligible for the Yogi Yojana?

Ans. Unorganised sector workers aged 18-40 years with a monthly income of ₹15,000 or less are eligible.