PM Shram Yogi Maandhan: Numerous initiatives have been launched under the administration of Prime Minister Narendra Modi, aimed at enabling individuals to invest and secure their financial future. One notable program is the Prime Minister Shram Yogi Maandhan Yojana, which allows for pension arrangements through minimal investments. This initiative specifically targets workers in the unorganized sector.
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The Pradhan Mantri Shram Yogi Maandhan (PM-SYM) is a voluntary and contributory pension scheme designed to provide a guaranteed minimum monthly pension of Rs 3,000 upon reaching the age of 60 for unorganized sector workers earning up to Rs 15,000 per month.
Modest investment of Rs 55
Under this scheme, the central government matches the worker’s contribution on a one-to-one basis. Individuals can begin with a modest investment of Rs 55 at the age of 18. Participation in this scheme is optional, allowing workers to contribute according to their financial capacity and requirements.
Wife will get 50 percent of the pension in case of the beneficiary’s death
In the event of the beneficiary’s death, the spouse is entitled to receive 50 percent of the pension amount as a family pension, which is exclusively available to the spouse. As of December 31, 2024, the e-Shram portal indicates that over 30.51 crore workers in the unorganized sector have registered.
Eligibility criteria include:
– Age for investment must be between 18 and 40 years.
– Monthly income should not exceed Rs 15,000.
– Applicants must not be enrolled in the Employees Provident Fund (EPF), Employees State Insurance Corporation (ESIC), or National Pension Scheme (NPS), nor should they be income tax payers.
– The beneficiary must not be receiving benefits from any other government pension scheme.