Pradhan Mantri Shram Yogi Mandhan Pension Yojana Scheme 2019

Pradhan Mantri Shram Yogi Mandhan Pension Yojana Scheme is recently announced in Budget 2019. The main beneficiary of this scheme is workers from the unorganized sector. People working in the government and organized sector gets benefit of financial security once they retired. However, unorganized sector workers and labors are not blessed with any financial security scheme or retirement benefits. In order to help them, the central government has come out with special scheme that will offer regular pension to them once they attain certain age. The scheme is named as Pradhan Mantri Shram Yogi Mandhan. The fix pension amount under this scheme is Rs.3000 per month. In this post, you will get information about eligibility, features and application detail of Pradhan Mantri Shram Yogi Mandhan Pension Yojana.

Also Read – Pradhan Mantri Awas Yojana PMAY – How to Apply?

Pradhan Mantri Shram Yogi Mandhan Yojana

Financial Security – This scheme is intended to provide financial security to the people from the unorganized sector in the retirement age.

Pension Account for Applicants – Under this scheme unorganized sector person will be provided an account to deposit money towards pension scheme.

Monthly Pension – On the maturity of a scheme, the subscriber (pension scheme holder) will be entitled for monthly pension Rs.3000. This will help subscriber to meet the financial requirements.

Contribution by Individual – The individual opting for Pradhan Mantri Shram Yogi Mandhan Yojana needs to contribute a certain amount in the pension account every month. Applicants, who join the scheme at the age of 18 years, will have to make monthly contributions of Rs. 55 till they attain the age of 60 years. However, if the age of the applicants is 29 years of age or more, then they will have to deposit Rs. 100 every month.

Contribution by the Government – The central government will also contribute similar amount in the pension account.

Age Limit – Any interested applicant from the unorganized sector or organized sector labor, who has attained the age of 18 years will be able to deposit money in the scheme till 60 years. The upper age limit for this scheme is 40 years.

Pension Amount Age – Pension amount age is 60 years. Once the applicants reach the age of 60 years a fixed pension amount will be deposited in the pension account of the individuals every month.

Total Beneficiary – It is expected that around 10 Crore people from the unorganized sector will get benefited from this scheme. Anyone who is already covered by the government under pension scheme will not be eligible for the scheme.

Pradhan Mantri Shram Yogi Mandhan

Eligibility and Documents required for Application

A resident of the country – The scheme will be implemented for Indian resident. Any Indian resident fulfilling income and professional conditions will be eligible for this scheme.

Professional condition – This Scheme shall apply to the unorganised workers who are working or engaged as home- based workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, rickshaw pullers, landless labourers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio- visual workers and similar other occupations.

Monthly Income condition – Pradhan Mantri Shram Yogi Mandhan Yojana will be open for people with monthly income less than or equal to Rs.15,000 per month. Income proof submission is must for this scheme.

Age – Applicant should be 18 years old or above. The maximum age limit for entry in the scheme is 40 years.Applicants will have to submit copies of their age certificated to support the claims. In addition to age-proof, identity proof is also required to participate in this scheme.

Other Condition – A worker will not be eligible if he/she is already a member of other pension schemes – National Pension Scheme (NPS) where contribution is also made by the Central Government or Employee State Insurance Corporation Scheme or Employee Provident Fund or he is an income tax assessee.

Nomination Pension – During the years when pension is received by subscriber, if he/she dies, then spouse shall be eligible to receive 50 per cent of the pension received by the subscriber. Children of the subscriber will not be allowed to receive any pension benefit after his/her death.

Death Condition – If the eligible subscriber dies due to any cause, then the spouse shall have an option to continue the scheme by making regular contribution or exit the scheme by receiving share of contribution paid by the subscriber along with accumulated interest or savings bank interest rate, whichever is higher.

Premium Table – Pradhan Mantri Shram Yogi Mandhan

Pradhan-Mantri-Shram-Yogi-Mandhan-Premium

How to Apply and Register for Pradhan Mantri Shram Yogi Mandhan?

Pradhan Mantri Shram Yogi Mandhan is recently announced in Budget 2019. The scheme is in the implementation stage. The government will soon release the process to apply in the scheme. Once process or registration is released we will update this section.

My Thoughts

In India, we don’t have any financial security scheme for unorganized workers. Pradhan Mantri Shram Yogi Mandhan Yojana will surely help poor people in attaining financial stability in the old age. However, from past experience, we can say that the government has to put massive efforts to implement this scheme properly. Another point to ponder is Rs.3000 monthly pension may not be sufficient in the future.

What do you think about Pradhan Mantri Shram Yogi Mandhan Pension Yojana Scheme? Do share your views in the comment section.

For more information visit Pradhan Mnatri Shram Yogi Mandhan Section at Ministry of Labor Website.

Article by Raviraj

Raviraj is the man behind moneyexcel.com. He is graduate in finance, engaged in blogging since 6 years. Moneyexcel blog is ranked as one of the Top 10 Personal Finance Blog in India. He is not affiliated with any financial product, service provider, agent or broker. The purpose of this blog is to spread financial awareness and help people in achieving excellence for money. Please note that the views expressed on this Blog/Comments are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment advice or legal opinion.

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