Pradhan Mantri Shram Yogi Maan-Dhan Yojana

Pradhan Mantri Shram Yogi Maan-Dhan Yojana is mega pension scheme for the workers of unorganized sector. This scheme was launched by finance minister in 2019 budget. This scheme offers a pension of Rs. 3000 to the workers after the age of 60 years.

The workers of age between 18-40 years are eligible for joining this pension scheme. Government is also a contributor in this pension scheme. Government contribute the same amount that deposited by the worker monthly.

In Pradhan Mantri Shram Yogi Maan-Dhan Yojana scheme, the subscriber needs to pay the amount monthly from joining to the scheme until he/she attains 60 years of age.50% contribution to this scheme is given by the government.  The government will pay the same amount as that paid by the subscriber in every month. The equal amount is contributed by the central or state government. The Contribution amount for the first month shall be paid in cash for which they will be provided with a receipt.

Benefits of Pradhan Mantri Shram Yogi Maan-Dhan Yojana

Pradhan Mantri Shram Yogi Maan-Dhan Yojana is intended for the workers of unorganized sector. These benefits are,

• Minimum assured pension – each subscriber of this scheme will receive an assured pension of Rs. 3000 after attaining the age of 60 years.

• If the subscriber dies before the age of 60 years, then his/her spouse can continue the scheme by regular payment or can exit from the scheme.

• If the subscriber dies after the age of 60 years, then his/her spouse will be entitled to receive 50% of the pension as family  pension.

Beneficiaries of Pradhan Mantri Shram Yogi Maan-Dhan Yojana

The workers of unorganized sector are benefited from Pradhan Mantri Shram Yogi Maan Dhan Yojana. The unorganized sector workers include,

• Home based workers

• Street vendors

• Mid-day meal workers

• Head loaders

• Brick kiln workers

• Cobblers

• Rag pickers

• Domestic workers

• Washer men

• Rickshaw pullers

• Landless laborers

• Own account workers

• Agricultural workers

• Construction workers

• Beedi workers

• Handloom workers

• Leather workers

• Audiovisual workers and similar other occupations.

Eligibility of Pradhan Mantri Shram Yogi Maan-Dhan Yojana

The following are the eligibility criteria for Pradhan Mantri Shram Yogi Maan Dhan Yojana

• Age of person should be in between 18-40 years

• The monthly income of worker should be less than Rs. 15000

• He or she should not be an income taxpayer

• He or she should be a Citizen of India.

• Those workers should not be covered under New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) scheme or Employees’ Provident Fund Organization (EPFO)

Documents Required for Pradhan Mantri Shram Yogi Maan-Dhan Yojana

The workers needed the following documents for joining the Pradhan Mantri Shram Yogi Maan-Dhan Yojana scheme.

• Aadhar number

• Savings bank account

• Mobile phone

• Age certificate

• Service certificate

• Income certificate

Apply for Pradhan Mantri Shram Yogi Maan Dhan Yojana

The enrollment to the Pradhan Mantri Shram Yogi Maan-Dhan Yojana scheme will be carried out by the community service centers(CSC).

The eligible person should visit the Common Service Center (CSC) and enrollment to the scheme is done with your aadhaar number and savings bank account number.

Later, the government will launch a web portal and a mobile app for the registration purposes.

Exit from Pradhan Mantri Shram Yogi Maan Dhan Yojana

Because of the unpredictable nature of the workers of unorganized sector, this scheme provides the facility for exit from the scheme.

• In case subscriber exits the scheme within a period of less than 10 years, the beneficiary’s share of contribution only will be returned to him with savings bank interest rate.

• If subscriber exits after a period of 10 years or more but before 60 years of age, the beneficiary’s share of contribution along with accumulated interest will be returned

• If a beneficiary has given regular contributions and died due to any cause, his/ her spouse will be entitled to continue the scheme subsequently by payment of regular contribution or exit by receiving the beneficiary’s contribution along with accumulated interest.

• If a beneficiary has given regular contributions and become permanently disabled before 60 years of age and is unable to continue to contribute, his/ her spouse will be entitled to continue the scheme subsequently by payment of regular contribution or can exit the scheme by receiving the beneficiary’s contribution with interest.

• After the death of subscriber as well as his or her spouse, the entire corpus will be credited back to the fund.

Penalty for failed deposit

There is no penalty for failed deposit. But there is a facility to deposit the outstanding dues along with penalty charges in next month. So that they can maintain the account regular.

There is no tax reduction or exemption for Pradhan Mantri Shram Yogi Maan-Dhan Yojana account.

Premature withdrawal

The Pradhan Mantri Shram Yogi Maan-Dhan Yojana account is matured when the subscriber attains 60 years of age. Then a monthly pension of Rs. 3000 will be given to subscriber.

Premature withdrawal is possible in the following cases,

• If the subscriber dies before the age of 60 years, his/her spouse will be entitled to continue the deposit to the account or can exit.

• If the subscriber dies after 60 years of age, then the pension amount will be given to his/her spouse as family  pension.

• If the subscriber exit before 10 years, then he will be given the deposited amount with interest.

References

While crafting this guide, we have consulted reliable and authoritative sources, including official government directives, user manuals, and pertinent content sourced from government websites.

• PM-SYM

• PM-SYM FAQs

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