Unorganised sector workers to get benefited with Shram Yogi Maan-Dhan pension scheme; Know how

New Delhi, Feb 15: Get Rs 3000 pension! The Pradhan Mantri Shram Yogi Maan-Dhan scheme makes it possible! Under the scheme, workers of the unorganized sector will receive a minimum assured pension of 3000 per month.

The Pradhan Mantri Shram Yogi Maan-Dhan scheme will be implemented from today. The PMSYM scheme entails a minimum monthly pension of Rs 3,000 after the age of 60 years to informal sector workers earning up to Rs 15,000 every month.

The workers whose monthly income is 15 thousand rupees per month or less and belong to the entry age group of 18 to 40 years are eligible for the scheme. 

In the interim Budget, the scheme announced by the Indian government for the economic welfare of the unorganized sector. Around 42 crore workers are estimated to be engaged in the unorganized sector of the country.

The scheme aims to benefit unorganised sector workers like home-based workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washermen, rickshaw pullers, landless labourers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio-visual workers and similar other occupations.

Any worker from the unorganized sector with a monthly income of Rs 15,000/ per month or less and the age group of 18-40 years is eligible for the scheme. Each subscriber under the PMSYM shall receive a minimum assured pension of Rs 3000 per month after attaining the age of 60 years.

 

One of the attractive features of the scheme is that the government has kept the exit provisions of scheme flexible, considering the hardships and erratic nature of employability of these workers.

During the receipt of a pension, if the subscriber dies, the spouse of the beneficiary will be entitled to receive 50 percent of the pension. It said family pension is applicable only to a spouse.

The scheme is a voluntary and contributory pension scheme on a 50:50 basis where prescribed age-specific contribution shall be made by the beneficiary and the matching contribution by the Central Government.

The subscriber will be required to have a mobile phone, savings bank account, and Aadhaar number. All the branch offices of LIC, ESIC and EPFO and all Labour offices of Central and State Governments will guide the unorganized workers about the Scheme, its benefits and the procedure to be followed.