Pradhan Mantri Shram Yogi Mandhan Pension Yojana (PMSYM)

 

Pradhan Mantri Shram Yogi Mandhan Pension Yojana (PMSYM) @Rs 300 Pension, Application Form, Eligibility

The organized and government sector employees need not worry about money after their retirement. The scenario is not the same for the ones who are working under the unorganized sector. The central government has launched a scheme, Pradhan Mantri Shram Yogi Mandhan Pension Yojana ,according to which individuals working for the organized sector would get a monthly pension after attaining a certain age. The main aim of the scheme is to provide a pension to the labors of the unorganized sector. Read on to know about further about details of the scheme in the following part of the article.

Launch details of the scheme

Name of the scheme

 

Pradhan Mantri Shram Yogi Mandhan Pension Yojana (PMSYM)
Launched in

 

India
Launched by

 

Piyush Goyal
Date of announcement of the scheme

 

February 2019
Launch date

 

Feb 2019
Target beneficiaries of the schemeLabors belonging to the unorganized sector

 Pradhan Mantri Shram Yogi Mandhan Pension Yojana (PMSYM)

Key features of Pradhan Mantri Shram Yogi Mandhan Yojana

  1. Financial security – The main objective of the schemeis to provide proper financial assistance to the ones belonging to the economically backward section.
  2. Pension scheme for candidates – According to the above-said scheme, the labors from the unorganized sector will be able to open pension account and get their pension amount deposited in the linked account.
  3. Pension amount – After the scheme mature, the applicant will get an amount of 3, 000 on a monthly basis. Therefore, with the help of this the pension will be able to get rid of any financial problems.
  4. Amount to be paid by applicants – According to the regulations of the scheme, the applicants have to deposit a certain amount on a monthly basis in the linked pension account. For the applicants who join the scheme at the age of 18 years will give an amount of rupees 55 up to they reach the age of 60 years.
  5. Contribution of government – Along with the worker’s contribution to the pension chart, the government will also make equal payments on a monthly basis. The total amount will be given by the government to the applicants upon reaching the age of 60 years.
  6. Total beneficiary of the scheme – After successful implementation of the scheme, it can be estimated to benefit near about 10 crore individuals belonging to the unorganized sector.
  7. Age limit for the scheme – According to the scheme, applicants belonging to 18 years of age can start to deposit money for the money for 40 years.
  8. Budgetary allocation – State Minister is of the opinion that the central government has sanctioned rupees 500 crores for proper implementation of the 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)
18605555110
19605858116
20606161122
21606464128
22606868136
23607272144
24607676152
25608080160
26608585170
27609090180
28609595190
2960100100200
3060105105210
3160110110220
3260120120240
3360130130260
3460140140280
3560150150300
3660160160320
3760170170340
3860180180360
3960190190380
4060200200400

 Eligibility and documents necessary for Pradhan Mantri Shram Yogi Mandhan Pension Yojana

  • Residents of the country – The pension scheme is also applicable for the applicants belonging to the state. Therefore, applicants must be legal residents of the nation and produce documents to claim the same.
  • Worker’s category – Workers working in the unorganized sector are allowed to apply for this scheme. No other workers can apply. Some of the eligible categories are brick kiln workers, cobblers, landless laborers, washer man and home workers.
  • Monthly income criteria – People earning a monthly income of rupees 15,000 or less are only applicable to apply for the scheme. Therefore, they have to submit their income certificate to prove the fact.
  • Age limit of the workers – The pension benefits can be taken only after they attain the age of 60 years. People belonging to the age of 18 to 40 years can only apply for the pension scheme.
  • Adhaar card – Workers planning to get benefits of the scheme have to produce their Aadhaar card and bank account details which will be required for background check.

Documents required for Pradhan Mantri Shram Yogi Mandhan Pension Yojana

  • Age certificate – Workers have to produce worker’s certificate to check their age as the pension scheme is applicable only after they reach the age of 60 years.
  • Service certificate – This certificate is required to check whether the person belongs to the unorganized sector. The pension scheme is not applicable to the ones belonging to the organized sector.
  • Personal details – With the help of personal details, the authority will be able to check the background of workers. In addition, workers have to produce their Aadhaar card details as well.
  • Bank documents – Bank accounts are required as the pension amount will be directed created in the linked bank account. The payment will be done via DBT mode.
  • Income details– Applicants will get a monthly income of rupees 15,000 or less is only applicable to apply for the scheme.

How to apply and get registration form under PM Shram Yogi mandhan Yojana?

  1. The interested candidates must have Aadhaar cards along with bank account details. They have to visit the nearby common service center or CSC. They have to produce the relevant documents along with the aadhar card and bank details.
  2. The officers at the CSC will gather information from the applicant. It is necessary that the applicant have to submit their age certificate. It will help the officer to know about the actual age of the applicants and depending on their age. The installment calculation will be done accordingly. The premium amount of the scheme will depend on the age of the applicant.
  3. The scheme will start after the submission of the relevant document. For the same, installment amount will be subtracted from the account of the officer posted at the CSC. After the payment has been done, the applicant has to pay the amount to the particular officer in cash.
  4. After notification of online payment has been updated on the official website of the scheme, the applicant will get registered as the beneficiary of the scheme. Following this, a pension code will be given to the applicant. The code has been regenerated online via the software used in this scheme and it should be kept for future use. The applicant will receive a receipt with the online code and his signature.
  5. After the applicant has signed the form, the CSC officer will scan the required document. In addition, the officer also has to update the information of the applicant in the database of the scheme.
  6. After this, the officer is responsible to give the pension card under the scheme to the applicant.
  7. The related bank details will be given to the bank authority. After they go through the documents and confirm the same, the registered applicant will get to know about the details of their linked account. After the bank service is active, the applicant will start to receive notification of the same via text and email service.
  8. The LICs, ESIC, EPFO officer will help in effective implementation of the service. The help desks will help the applicants to go through easy registration process of the scheme.

PM Shram Yogi Mandhan Pension Scheme Exit and Withdrawal

  1. It is out of plan for 10 years – The applicant who wants to leave the pension scheme can do so after a period of 10 years from the time of initiation of the scheme. He has to apply for the withdrawal from the scheme. The deposited amount will be given to them along with interest rate according to the decided interest rate.
  2. Over 10 years is considered out of plan – When the applicant wishes to leave the pension scheme after a period of 10 years, the person can get premium amount with the deposited amount.
  3. On death cases (within 60 years) – If the applicant fulfills the premium conditions and dies in the middle of the plan, his or her spouse are eligible to get the pension amount. If the spouse wants to discontinue the scheme, they can do it. However, after leaving it, the person can opt for the deposit amount along with certain interest.
  4. If both the applicant and spouse die, the amount will be deposited to the amount of pension fund.

Benefits to the person with disability

If the person reaches vulnerable just after reaching 60 years and he is unable to pay a premium amount, the nominee can pay the premium amount for the rest of the time. Otherwise, the account holder will get the amount with some interest.

On Death after 60 years

When the applicant dies after 60 years, the spouse will get half of the pension amount deposited. Only the spouse will get the amount. No other family member will be able to get the pension money.

Therefore, nothing can be better than getting financial security for old age. It helps elderly people live their lives according to their wish. Therefore, for secured economic needs of the labors, this scheme will be of immense help for the ones belonging to the unorganized sector. Since they are poorly paid, the pension amount will help them.

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