PM Shram Yogi Maan-Dhan Yojana

PM Shram Yogi Maan-Dhan Yojana is a government initiative designed to offer a monthly pension to workers in the unorganized sector once they turn 60. This scheme primarily targets individuals such as street vendors, construction workers, domestic workers, and other informal sector workers who have no access to pension schemes like Employees’ Provident Fund (EPF) or National Pension Scheme (NPS).

Under this scheme, eligible workers contribute a small amount towards their pension every month, which is matched by the government. After reaching the age of 60, they begin to receive a fixed monthly pension of ₹3,000, offering them financial independence in their later years. This initiative is a part of the government’s broader efforts to ensure that informal workers are not left behind when it comes to social security and old-age benefits.

Key Benefits of the Shram Yogi Maan-Dhan Yojana

The Shram Yogi Maan-Dhan Yojana offers several advantages to workers in the unorganized sector:

1.      Monthly Pension of ₹3,000: After the age of 60, beneficiaries are eligible to receive a monthly pension of ₹3,000. This amount can help workers manage their expenses and live with dignity during retirement.

2.      Affordable Contribution: The scheme requires workers to contribute a small, affordable premium based on their age when they enroll. Younger workers contribute less, while older workers contribute more.

3.      Government Contribution: The Indian government contributes an equal amount to the worker’s contribution, doubling the amount saved for the worker's pension.

4.      Family Benefits: In case of the worker’s death before reaching the age of 60, the spouse will receive 50% of the pension amount, ensuring continued support for the family.

5.      Financial Security: The scheme offers workers financial security during their retirement years, allowing them to remain independent and not dependent on their children or social welfare programs.

6.      Simple Enrollment Process: The application process is simple and can be completed online or through Common Service Centers (CSCs).

Eligibility Criteria for Shram Yogi Maan-Dhan Yojana

The Shram Yogi Maan-Dhan Yojana is intended for workers in the informal sector who are not covered by any formal pension scheme. However, to qualify for the benefits, applicants must meet the following eligibility criteria:

1.      Age: Applicants must be between the ages of 18 and 40 to apply for the scheme. This allows workers to start contributing early for a secure future.

2.      Income: The worker’s monthly income should be less than ₹15,000. This ensures the scheme targets low-income workers who are most in need of financial support.

3.      Non-Taxpayer: The applicant should not be an income taxpayer, as the scheme is intended for individuals in the informal sector who do not have access to formal retirement benefits.

4.      Not Already Covered by a Pension Scheme: Applicants should not be members of other government-run pension schemes, such as the Employees' Provident Fund (EPF) or the National Pension Scheme (NPS).

How to Apply for the Shram Yogi Maan-Dhan Yojana

Applying for the Shram Yogi Maan-Dhan Yojana is a straightforward process. Here’s a step-by-step guide on how you can enroll:

1.      Visit the Official Website: Begin by visiting the official Shram Yogi Maan-Dhan Yojana website at pmshramyogi.gov.in 

2.      Register Online: You can apply online by filling out the registration form. The website will guide you through the process, and you’ll need to enter basic details such as your name, age, income, and contact information.

3.      Submit Required Documents: You will be asked to provide the following documents during registration:

• Aadhaar Card: For identity verification.
• Bank Account Details: For the direct deposit of the pension.
• Income Proof: A self-declaration confirming that your monthly income is below ₹15,000.
• Mobile Number: To receive updates about your enrollment and pension details.

4.      Contribute Regularly: Once registered, you’ll start contributing a small amount towards your pension. The contribution will vary depending on your age at the time of enrollment. For instance, a person aged 18 years will pay ₹55 per month, while someone aged 40 years will pay ₹200 per month.

5.      Confirmation and Enrollment: After completing the registration and making the first contribution, you will receive a confirmation message, and your enrollment will be complete.

Documents Required for Shram Yogi Maan-Dhan Yojana

To complete your registration for the Shram Yogi Maan-Dhan Yojana, you need the following documents:

• Aadhaar Card: For identity verification.
• Bank Account Details: For receiving the pension payments.
• Income Proof: A self-declaration stating that your income is less than ₹15,000 per month.
• Mobile Number: For communication purposes.
  
  
  

How Does the Shram Yogi Maan-Dhan Yojana Work?

Once enrolled, you begin contributing to the scheme based on your age. The government matches your contribution, so the total amount saved for your pension is doubled. For instance, if you contribute ₹100 per month, the government contributes ₹100 as well.

At the age of 60, you will start receiving a monthly pension of ₹3,000. In case of the worker’s death before they reach 60, their spouse will receive 50% of the pension amount as financial support.

The government’s role is significant in this scheme, as it ensures that low-income workers benefit from an enhanced savings plan, enabling them to retire with financial security.

 

Frequently Asked Questions (FAQ)

1. What is the maximum age for applying to the Shram Yogi Maan-Dhan Yojana?

• The maximum age for applying is 40 years. The scheme is available for workers between the ages of 18 and 40.

2. How much will I need to contribute monthly?

• The contribution amount depends on your age when you join the scheme. Younger workers will contribute less, while older workers will contribute more.

3. Can I withdraw the contributions before turning 60?

• No, the scheme is designed to provide a pension after reaching 60. You cannot withdraw your contributions before that.

4. Can my family receive the pension if I pass away before 60?

• Yes, in the event of your death before reaching the age of 60, your spouse will receive 50% of the pension amount.

5. How can I apply for the scheme offline?

• You can apply for the Shram Yogi Maan-Dhan Yojana through Common Service Centers (CSCs) in your locality.

6. How is the monthly pension calculated?

• The monthly pension is ₹3,000, which is paid after the beneficiary turns 60.

7. Is the scheme open to all workers?

• No, only workers in the unorganized sector who are not covered by formal pension schemes can apply.

8. What happens if I stop paying my monthly contribution?

• If you stop contributing, you may lose eligibility for the pension benefits. It is important to continue contributing regularly.

9. How do I check the status of my registration?

• You can check your registration status on the official Shram Yogi Maan-Dhan Yojana website or by visiting your nearest CSC.

10. Does the government also contribute to the pension fund?

• Yes, the government matches your monthly contribution, doubling the amount saved for your pension.