The Pradhan Mantri Shram Yogi Maan-Dhan Yojana was launched in 2019 to benefit those working in the informal sector. It is a voluntary and contributory scheme that assures a monthly pension of at least Rs 3,000 after attaining 60 years of age.
Features of PM Shram Yogi Maan Dhan Yojana
- Contribution towards the scheme starts at Rs 110 per month. The central government will make an equal contribution to the subscriber's pension account.
- Subscribers to the scheme have to pay regular contribution up to the age of 60 years, to get a minimum monthly pension of Rs 3,000. After his/her death, the spouse will receive a monthly family pension which is 50 percent of the pension.
- Once the beneficiary joins the scheme, he/she has to contribute until he/she attains the age 60 years.
- Those working in the unorganised sector, for example, rickshaw pullers, hawkers, labourers, maids, tailors, small store owners, etc that do not have employer benefits can register themselves to the scheme.
- Entry age: 18-40 years
- Monthly income has to be Rs 15,000 or less.
- The worker should not be covered under any statutory social security schemes such as National Pension Scheme (NPS), Employees' State Insurance Corporation scheme, Employees' Provident Fund Organization Scheme and is not an income tax payee.
- Savings Bank Account / Jan Dhan account number with IFSC
- Visit nearest CSC centre. Location of CSC centre can be ascertained from websites of LIC of India, Ministry of Labour and Employment and CSC (https://locator.csccloud.in/)
- Carry Aadhaar card, bank account proof (Bank Passbook or Cheque Leave/book or copy of bank statement) and initial contribution amount in cash for enrolment under the scheme.
- Village Level Entrepreneur (VLE) present at the CSC will key-in Aadhar number, name and date of birth of the subscriber as printed on Aadhar card and the same will be verified with UIDAI database.
- Further details like Bank Account details, Mobile Number, Email-ID, if any, spouse and nominee details will be captured.
- Self-certification for eligibility conditions will be done.
- The system will auto-calculate the monthly contribution payable according to the age of the subscriber.
- Subscriber shall also pay the amount of the first subscription in cash to the VLE who will generate a receipt to be handed over to the subscriber.
- Enrolment Form cum Auto Debit mandate will also be printed which will then be signed by the subscriber. VLE then shall scan the signed enrolment cum auto-debit mandate and upload into the system.
- At the same time, a unique Shram Yogi Pension Account Number will be generated and Shram Yogi Card will be printed at CSC and given to the subscriber along with a signed copy of enrolment form for his/her record.
- He will also receive regularly SMS on activation of auto-debit and Shram Yogi Pension Account details.
If a subscriber exits the scheme within a period of fewer than 10 years, the beneficiary's share of contribution only will be returned to him/her with savings bank interest rate.
If a subscriber exits after 10 years or more but before turning 60, the beneficiary's share of contribution along with accumulated interest as actually earned by the fund or at the savings bank interest rate whichever is higher, will be returned.
If a subscriber has not paid the contribution continuously he/she will be allowed to regularize his/her contribution by paying entire outstanding dues, along with penalty charges, if any, decided by the government.
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