The Indian government has rolled out a bunch of schemes aimed at helping its citizens. Millions of people benefit from these initiatives, which are designed to cater to the diverse needs of the population. While some schemes focus on providing financial aid, others are geared towards pensions, especially for those who lack support in their old age.
To assist these individuals, the government has introduced an affordable pension plan. For just 55 rupees a month, participants can receive a pension of 3,000 rupees each month. Curious about how this works and who qualifies? Let’s dive into the details.
Pension of 3,000 for just 55 rupees
The Indian government has various schemes in place, including a pension initiative called the Pradhan Mantri Shram Yogi Maandhan Yojana. This particular scheme is tailored for laborers in the unorganized sector.
Many workers in both organized and unorganized sectors face challenges in their old age without any support. To address this, the government launched this scheme in 2019, allowing individuals to receive a monthly pension of up to 3,000 rupees with a mere monthly contribution of 55 rupees.
Who benefits from this?
The Prime Minister Shram Yogi Maandhan Yojana is specifically designed for workers in the unorganized sectors, including ragpickers, laundry workers, rickshaw pullers, leather artisans, brick kiln laborers, and domestic helpers. An interesting aspect of this scheme is that for every amount a worker contributes, the government matches it. So, if someone puts in 200 rupees, the government adds another 200 rupees to the pot.
You can kick off your investment in the Pradhan Mantri Shram Yogi Maandhan Yojana as soon as you turn 18. If you start investing at that age, you’ll need to put in Rs 55 every month. By the time you hit 29, that monthly contribution goes up to Rs 100. The pension you receive will depend on how much you’ve invested.
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