All you need to know about Pradhan Mantri Shram Yogi Maandhan Yojana
Those who register under this scheme, will get a minimum pension of Rs 3,000 every month after reaching 60 years of age
To provide financial support to those working in the unorganised sector, the Pradhan Mantri Shram Yogi Maandhan Yojana was launched in 2019. Those who register under this scheme, will get a minimum pension of Rs 3,000 every month after reaching 60 years of age. If the beneficiary dies before the pension is received, then 50% of the pension will be given to his/her spouse.
Process to open account
According to the EPFO website, people in the unorganised sector can open an account under the PM-SYM scheme. The age limit is 18 to 40 years and income should be less than Rs 15,000 a month. An individual can register for the scheme by going to nearest Common Service Centre. Apart from this, applications can also be submitted by visiting the nearest LIC branch, State Employees Insurance Corporation (ESIC) office, EPFO branch or Labour office. If an individual is a member of any other existing pension scheme, then he/she will not be eligible for the Shram Yogi Maandhan Yojana scheme.
Contribution amount
Contribution is done according to age in the scheme. The younger the member, the lower his/her contribution will be. If someone joins the scheme at the age of 18, then they will have to deposit Rs 55 per month. Similarly, the 29-year-old will have to pay Rs 100 and the 40-year-old Rs 200. This amount will have to be deposited till the age of 60 with the government matching the contributions on a 50:50 basis.
Documents required
— Aadhaar card
— Savings account/Jan Dhan account with IFSC
— Valid mobile number
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