Benefits, Eligibility, and Application Process for the PM Shram Yogi ManDhan Yojana.
In order to provide social security to the elderly and unorganised workers (UW), Prime Minister Narendra Modi established a pension plan in 2019. The Indian government launched the scheme in Gujarat. A lot more details regarding one of the largest pension systems globally will be released soon.
PM Shram Yogi ManDhan Yojana
The PM-SYM pension scheme is expected to benefit 42 crore workers who are indefinitely employed and belong to older age groups financially. When they turn 60, participants in this voluntary, contributing pension plan would automatically receive a Rs. 3,000 monthly annuity.
Method of Payment for Recipient Auto-Debit
Additionally, the spouse will be entitled to 50% of the pension if the beneficiary passes away.
The worker’s contribution will begin at age 18 and increase by a set amount each year until they reach superannuation age. The worker will contribute a maximum of Rs 55. Every year, the government will make the same contribution as you.
Benefits of the PMSYM Scheme
The following are the benefits of the PM Shram Yogi ManDhan Yojana.
PM Shram Yogi ManDhan Yojana
Assured Pension: Upon reaching the age of sixty, the government will begin to pay the beneficiary Rs. 300 per month.
If the beneficiary passes away while receiving the pension, the spouse will receive a 50% payout.
A person’s spouse may enrol in the programme and carry on the programme in the event that the individual passes away before receiving their pension or before turning 60.
The beneficiary will receive their contributions plus the savings bank interest rate if they take the exit within ten years. In the event that the beneficiary leaves the programme after ten years but before turning sixty, interest from the funds or savings bank interest rates will be used to accrue the recipient’s portion of the contribution.
Important note: The beneficiary can continue paying by paying the full amount owed plus penalty costs if they are unable to do so on an ongoing basis.
For whom is the PM-SYM Scheme eligible?
The following are the eligibility requirements determined by the Indian government in order to receive benefits from the PM-SYM pension scheme:
The candidate must be an unorganised worker (UW) and be between the ages of 18 and 40.
The candidate’s monthly salary must be Rs 15,000 or less.
In addition to having a Jan-Dhan account or savings bank account number with IFSC, the applicant must have an Aadhar card.
The candidate must not be a taxpayer with an income.
The candidate is ineligible if they work in the organised sector or if they are an EPF, NPS, or ESIC member.
How can one apply for the ManDhan Scheme of PM Shram Yogi?
The application process is quite simple, allowing even the least educated individuals to take advantage of the programme. To sign up for this pension plan, adhere to the following instructions:
The applicant registers for the Scheme by going to the Common Services Centre (CSC) that is closest to them. The candidate needs to bring the necessary paperwork, which is listed above.
The first subscription must be made in cash; thereafter, payments will be taken automatically from the beneficiary’s or Jan-dhan’s account each month.
Afterwards, the beneficiaries can also register themselves by going to the PM-SYM office online.
Visit any labour office of the state or federal governments if you have any questions or would like further information about the programme. They will provide you comprehensive details on the programme, its benefits, and any updates.
All Labour Offices will serve as facilitation centres under the initiative, so don’t be afraid to enlist and inquire about it if you want to be eligible for financial support in the future. Alternatively, you can call 1800 2676 888, which is a 24/7 customer service line.
