PM SHRAM YOGI MAANDHAN

 PM SHRAM YOGI MAANDHAN YOJNA

PM SHRAM YOGI MAAN-DHAN is a pension scheme which mainly focuses on the welfare of unorganised workers. It is expected to benefit 10 crore workers in the next 5 years. The Central Government has started this scheme to provide financial assistance in old age to Day to Day workers of the unorganized sector.

Launch Year - This scheme was launched by the Government of India on 15 Feb 2019.

Ministry - This scheme was launched by Ministry of Labour and Employment.

Implementing Agency - LIC and CSC e-governance services India limited.

Beneficiaries -

• Workers of the unorganised sector like street vendors, rickshaw pullers, brick kiln workers, construction workers, domestic workers, cobblers etc.

Eligibility Criteria - 

• Worker should be from unorganized sector.
• Age of the worker should be in between 18-40 years.
• Minimum monthly wage of the worker should not exceed Rs 15,000.
• Workers should have a bank account and Aadhaar card.

Workers who are not eligible -

• Workers who are covered under NPS,EPF and ESIC.
• Worker who is a tax payer.
• Workers whose age is above 40 years

Aim -The workers of the unorganized sector faces economic difficulties when they get old and their body is not fit to work hard. PM SHRAM YOGI MAANDHAN Yojna aims to help these workers by providing a fixed pension of Rs 3000 per month when they attain the age of 60 years and if subscriber dies , the spouse of the beneficiary will be entitled to get 50% of the monthly pension.

Contribution -

• The amount of monthly contribution depends on the age of the worker and the worker has to paid this monthly amount till he/she gets 60 years old. 
• The monthly contribution amount varies from Rs 55 to Rs 200.
• Worker whose age is 18 years has to pay Rs 55 as monthly contribution amount.
• Worker whose age is 40 years has to pay Rs 200 as monthly contribution amount.
• Whatever amount the subscriber will pay, the matching amount Central government will pay to the subscriber account.

Provisions for Exit -

• If the subscriber exits the scheme within a period of less than 10 years than the beneficiary will get his/her share of contribution + saving bank interest rate.
• If the subscriber exits the scheme after a period of 10 years but before 60 years of age, the beneficiary will get his/her share of contribution + saving bank interest rate or accumulated interest rate owned by fund whichever is higher.

What happens if the Subscriber dies - 

• If the subscriber dies during the period of contribution then the spouse has 2 choices either the spouse can continue the scheme by paying regular contribution or the spouse can exit the scheme by receiving the share of contribution paid by the deceased subscriber along with the accumulated interest rate.
• If the subscriber dies after the period of contribution then the spouse will get 50% of the monthly pension of what was being paid to the individual as family pension.