What Is Pradhan Mantri Shram Yogi Maan-Dhan?
The Government of India introduced the Pradhan Mantri Shram Yogi Maan-Dhan. It is a pension scheme that offers protection to the workers of old age who belong to the unorganized sector. This scheme came into effect on 15th February 2019.
This scheme is targeted towards the workers from the unorganized sectors such as audio-visual workers, rickshaw pullers, domestic workers, washermen, head loaders, cobblers, rag pickers, leather workers, street vendors, mid-day meal workers, home-based workers and individuals in similar occupations.
The Government of India notified on 7th February 2019 stated the eligibility criteria and the rules for the PM-SYM pension scheme. It was administered by the Ministry of Labour and Employment and will be a Central Sector Scheme. The implementation of this scheme will be via CSC SPV (Common Services Centres eGovernance Services India Limited) and Life Insurance Corporation (LIC) of the country. LIC will handle the pay-out of the pension.
What Is The Eligibility Criteria For The Pradhan Mantri Shram Yogi Maan-Dhan?
The eligibility criteria that a person must meet in order to apply for the Pradhan Mantri Shram Yogi Maan-Dhan is mentioned below:
- Individuals must be between the age of 18 years and 40 years
- The monthly income of that person must be under Rs 15,000/-
- Individuals should not be covered under the EPFO (Employes’ Provident Fund Organisation), ESIC (Employees’ State Insurance Corporation (ESIC) or National Pension System or NPS (National Pension System)
- The individual must not be an income taxpayer
- That person must have an active contact number, a savings bank account and an Aadhaar card.
What Are The Benefits Of The Pradhan Mantri Shram Yogi Maan-Dhan?
There are different benefits of this scheme. Some of the benefits of the Pradhan Mantri Shram Yogi Maan-Dhan are mentioned below:
- Persons who are a part of this scheme are entitled to get a minimum pension amount of Rs 3,000 every month after they have attained an age of 60 years
- If the person passes during the tenure of the Pradhan Mantri Shram Yogi Maan-Dhan scheme, 50% of the amount of family pension will be provided to the spouse.
- Only the spouse is eligible for this amount of family pension
- If an individual has been contributing regularly to this scheme and dies unfortunately before the age of 60 years due to any reason, their spouse can either continue the scheme by making contributions regularly in this scheme or can exit this scheme as per the terms and conditions laid down.
What Is The Contribution Towards The Pradhan Mantri Shram Yogi Maan-Dhan?
The contribution towards this scheme is made by the individual and the Central Government on a 50:50 basis. The different contributions that are made by an individual will be auto-debited either from his bank account or the Jan Dhan account. A pre-determined amount which will depend on the age of the person will be paid by him from the time of joining until he/she reaches the age of 60 years. The Government of India will also be making the same contribution.
The table shows the monthly contributions that must be made by a person and the Indian Government:
| Age of entry | Number of years of contribution | Monthly contribution by the subscriber (Rs.) | Monthly contribution from Central Government (Rs.) | Total contribution on a monthly basis (Rs.) |
|---|---|---|---|---|
| A | B | C | D | E = C+D |
| 18 | 42 | 55 | 55 | 110 |
| 19 | 41 | 58 | 58 | 116 |
| 20 | 40 | 61 | 61 | 122 |
| 21 | 39 | 64 | 64 | 128 |
| 22 | 38 | 68 | 68 | 136 |
| 23 | 37 | 72 | 72 | 144 |
| 24 | 36 | 76 | 76 | 152 |
| 25 | 35 | 80 | 80 | 160 |
| 26 | 34 | 85 | 85 | 170 |
| 27 | 33 | 90 | 90 | 180 |
| 28 | 32 | 95 | 95 | 190 |
| 29 | 31 | 100 | 100 | 200 |
| 30 | 30 | 105 | 105 | 210 |
| 31 | 29 | 110 | 110 | 220 |
| 32 | 28 | 120 | 120 | 240 |
| 33 | 27 | 130 | 130 | 260 |
| 34 | 26 | 140 | 140 | 280 |
| 35 | 25 | 150 | 150 | 300 |
| 36 | 24 | 160 | 160 | 320 |
| 37 | 23 | 170 | 170 | 340 |
| 38 | 22 | 180 | 180 | 360 |
| 39 | 21 | 190 | 190 | 380 |
| 40 | 20 | 200 | 200 | 400 |
Pradhan Mantri Shram Yogi Maan-Dhan FAQs
What is the aim of the Pradhan Mantri Shram Yogi Maan Dhan Mission?
It is a pension scheme that offers protection pension to the old age workers.
What will be the amount of pension received?
The amount of pension received will be Rs 3000/-
What are the benefits of this scheme?
Persons who are a part of this scheme are entitled to get a minimum pension amount of Rs 3,000 every month after they have attained an age of 60 years
