The Central Government has introduced several welfare initiatives to provide financial security to economically weaker sections of society. One such initiative is the Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM), which focuses on workers employed in the unorganised sector.
Under this pension scheme, eligible workers can receive a guaranteed monthly pension of Rs 3,000 after completing 60 years of age. The programme is designed to help people who do not have access to regular retirement benefits build financial security for their old age.
Here is everything you need to know about the scheme, including eligibility conditions, monthly contributions and the registration process.
What Is Pradhan Mantri Shram Yogi Maandhan Yojana?
The Pradhan Mantri Shram Yogi Maandhan Yojana is a voluntary and contributory pension scheme introduced for workers in the unorganised sector.
Under the programme, registered beneficiaries receive a monthly pension of Rs 3,000 after reaching the age of 60, provided they fulfil the scheme’s conditions.
The main objective is to provide financial assistance during retirement to workers who generally do not receive formal pension benefits through employment-based social security systems.
Who Can Benefit From the Rs 3,000 Pension Scheme?
The scheme covers various categories of workers who earn their livelihood in the unorganised sector. These include:
- Street vendors and rickshaw pullers
- Domestic workers
- Construction workers
- Agricultural labourers
- Waste pickers
- Other eligible unorganised sector workers
Many people working in these occupations do not receive retirement benefits through organisations such as the Employees’ Provident Fund Organisation (EPFO), Employees’ State Insurance Corporation (ESIC) or the National Pension System (NPS).
The scheme aims to provide these workers with a regular source of income after retirement.
PM Shram Yogi Maandhan Yojana: Eligibility Criteria
Workers must fulfil certain conditions to register for the Pradhan Mantri Shram Yogi Maandhan Yojana.
The main eligibility requirements are:
- Applicants must be between 18 and 40 years of age.
- Their monthly income should not exceed Rs 15,000.
- They must not be income tax payers.
Only individuals meeting the prescribed eligibility conditions can enrol in the scheme.
Monthly Contribution and Pension Benefits
The Pradhan Mantri Shram Yogi Maandhan Yojana follows a contribution-based model. The monthly amount payable by a beneficiary depends on their age at the time of joining.
Eligible workers are required to contribute between Rs 55 and Rs 200 per month. The Central Government contributes an equal amount towards the beneficiary’s pension account.
After completing 60 years of age, registered members become eligible to receive a monthly pension of Rs 3,000 under the scheme.
How to Apply for PM Shram Yogi Maandhan Yojana?
Eligible workers can register for the scheme by visiting their nearest Common Service Centre (CSC).
Applicants need to provide their Aadhaar card and bank account details during registration. Before applying, they should check the eligibility requirements and understand the monthly contribution applicable to their age.
For further information and scheme-related details, applicants can visit the official website: maandhan.in.
Disclaimer: This article is intended for general informational purposes only. Eligibility requirements, contribution amounts and pension benefits are subject to the official rules and guidelines of the Pradhan Mantri Shram Yogi Maandhan Yojana. Applicants should verify the latest information through the official website or an authorised Common Service Centre before enrolling.