Pradhan Mantri Shram Yogi Mandhan Pension Yojana (PMSYM) For Unorganized Workers [Application Form, eligibility Criteria, Documents, Premium Amount Chart] Beneficiary List – @ Rs 3000 Pension by Modi 2019-20
People working in the government and organized sectors don’t have to worry about financial security once they retire. But the same is not true for the labors, who work in the unorganized sector. The central government has come out with a scheme that offers such individuals with a regular pension after they attain a certain age. Pradhan Mantri Shram Yogi Mandhan is primarily a pension scheme for the labors, associated in the unorganized sector. In this article, you will learn about the eligibility, features and application details of the scheme.
|Name of the scheme||Pradhan Mantri Shram Yogi Mandhan (PMSYM) (Unorganized Pension)|
|Launched by||Piyush Goyal|
|Date of announcement||February 2019|
|Implementation (Launch date)||15th Feb 2019|
|Target beneficiaries||Organized and unorganized sector labors|
Key features of the Pradhan Mantri Shram Yogi Mandhan Yojana
- Financial security – The primary objective of the scheme is to offer financial security to the people with no economic backup facilities.
- Pension scheme for applicants – Under this scheme, people working in the unorganized will be able to open their pension accounts, and deposit money on a regular basis.
- Monthly pension amount – Once the scheme matures, the person will be entitled to attain a monthly pension of Rs. 3000 without fail. It will help the pension holders to meet the financial requirements without any issues.
- Amount to be paid by the individual – The scheme highlights that the interested candidates will have to deposit a certain amount in the pension account. Applicants, who join the scheme at the age of 18 years, will have to make monthly contributions of Rs. 55 till they attain the age of 60 years.
- Government’s contribution – Along with the amount given by the worker in the pension chart, an equal amount will be contributed by the central government. The pension amount will be given after they reach the age of 60.
- Total beneficiary – The central government estimate suggests that the successful implementation of this mega pension scheme will offer financial support to around 10 crore individuals, who earn their livelihood from the unorganized sector.
- Age limit for contribution – The scheme highlights that any interested applicant, who has attained the age of 18 years will be able to deposit money in the scheme till 40 years.
- Pension available from – Once the applicants reaches the age of 60 years; he/she will be able to reap the benefits of the scheme. Each month, a fixed pension amount will be deposited in the pension account of the individuals.
- Budgetary allocations – The minister also highlighted that the central government has already set aside a mammoth amount of Rs. 500 crore for the implementation of this scheme.
Pradhan Mantri Shram Yogi Mandhan Pension (Premium Amount Chart) :
|Entry age (In Years)||Max age (In Years)||Monthly contribution per month (per person)||Govt contribution per month (per person)||Total Contribution (per person)|
Eligibility and documents necessary for application
- Residents of the country – The scheme will be implemented in all states. So, interested applicants must be legal residents of the nation, and possess such certificates to support the claims.
- Category of workers – Only the workers who work under the unorganized sector will be able to avail benefits under this scheme. No other workers will be able to apply for this scheme.Other than this, home workers, washermen, landless laborers, brick kiln workers, cobblers are also allowed to apply for the scheme.
- Monthly income criterion – The scheme highlights that only those people will be able to attain the benefits of the pension scheme who earn less than or equal to Rs. 15,000 on a monthly basis. Thus, applicants must submit their income certificates.
- Age limit – Workers will be able to get the pension grant only after attaining the age of 60 years. Only the ones belonging to the age group of 18 to 40 years can apply for the scheme.
- Aadhaar card and bank account – Workers applying for the scheme should have both Aadhaar card and savings bank account. This will be required for a background check of the worker.
Documents required for the scheme
- Age certificate – The age certificate is required to check that the worker has attained the age of 60 and is eligible to get the pension amount on a monthly basis.
- Service certificate – The service certificate is required to check whether the person belongs to the unorganized sector or not. For workers belonging to the government sector, they will not be able to get the benefits under this scheme.
- Personal details – The personal details will help to check the background of the worker. Therefore, the worker can produce Aadhaar card details for the same.
- Bank documents – When giving the application form, the worker has to submit their bank details required for direct transfer of the pension amount. The given account will be linked for easy transfer via the DBT mode.
- Income certificate – Workers having a monthly income of less than 15,000 are eligible to opt for the benefits of the scheme.
How to apply and get registration form under PM Shram Yogi Mandhan Yojana
The scheme has just been announced. There is still time for the actual implementation of the project. The government will soon release necessary documents, which shed light on the application procedure of this scheme. Once the authority makes these announcements, you will get the details on this site promptly.
For a person who is 30 years of age, his monthly contribution will be rupees 105. After he attains the age of 60, he will get an amount of rupees 37,800. In addition to this, an equal amount will also be given by the central government.
Benefits on leaving the PM Shram Yogi Maandhan Pension Scheme
- Is out of plan within 10 years – A subscriber who aims at leaving the PM Shram Yogi Maandhan Yojana can leave the scheme within a timespan of ten years of its initiation. If he doesn’t want to continue with the scheme, then he has all the liberty to leave the scheme. The amount deposited in his savings account can be taken with the interest as per the interest rate.
- Over 10 years is out of plan – When a person chooses to exit the scheme after ten years (but before reaching his 60 years), then he is eligible to get some premium amount along with the deposited amount. The interest rate, however, on the pension fund rate or the savings account will be found.
- On death (within 60 years) – If the subscriber is involved in the scheme and he fills the premium basis and dies in the middle of the plan, then the spouse is eligible to continue with the plan. As a matter of fact, the spouse can even deposit further premiums. However, in case he doesn’t wish to continue this plan, then he can leave right in the middle. After leaving in the middle, he is also eligible to take the deposit along with the interest.
- In case the subscriber and the spouse (whose name is in the nominee) die, then the Corpus will go into the Amount pension fund.
- If this situation occurs, then the subscriber can exit the scheme and be granted with the given offerings by the government and this should be transferred to the respective pension scheme.
Benefits to the person with disability
However, if he becomes vulnerable right reaching his 60s and is not able to pay the premium, then the spouse can pay the premiums. But if this doesn’t happen, then the holder can get the premium deposit with the interest.
On death after 60 years –
If the holder dies right after 60 years of age, then the spouse will be able to get half the amount, i.e. 50% of the pension amount. The only thing is that the family pension will only be received by the spouse. No other member of his family will be entitled to get the benefits.
Securing financial stability for old age is very important. It offers the elderly the freedom to lead their lives as they desire. They will no longer have to depend on others for financial support. With the implementation of this scheme, unorganized sectors will be able to secure their future economic needs. The same will be available to organized sector labors, who get low financial salary and if they don’t have any pension benefits.
Other links –
- PM KIsaan SAmman Nidhi Yojana
- Pasupu Kumkuma Scheme In Andhra Pradesh
- Pradhan Mantri Atal Pension Yojana Premium Chart
- Pradhan Mantri Fasal Bima Yojana List