The Indian government has introduced a unique program aimed at workers in the unorganized sector. This initiative allows everyone to receive a pension, and it’s called the ‘Pradhan Mantri Shram Yogi Mandhan Yojana’ (PM-SYM). The scheme is designed with the vast number of laborers and workers in mind, and so far, over 30 crore Indians have signed up.

 

Once workers reach the age of 60, they can receive a monthly pension of 3,000 rupees. To be eligible, workers need to be between 18 and 40 years old, ensuring they can contribute to the scheme for at least 20 years.

 

Who is this scheme for?

 

The government matches the contributions made by the workers. For instance, if a worker puts in Rs. 100, the government also adds Rs. 100. This program is aimed at unorganized sector workers, including those who work from home, street vendors, mid-day meal workers, head load carriers, brick kiln workers, cobblers, rag pickers, domestic workers, washermen, rickshaw pullers, landless laborers, self-employed individuals, agricultural laborers, construction workers, bidi workers, handloom workers, leather workers, audio-visual workers, and others in similar jobs. As of December 31, 2024, the e-Shram portal shows that over 30.51 crore unorganized workers are registered.

 

What documents do you need?

 

To enroll in this scheme, just head to your nearest public service center. You’ll need to provide documents like your Aadhar card, a passport-sized photo, an identity card, a mobile number, your correspondence address, and an income certificate. Without these documents, your application could be rejected. Also, your monthly income should be below Rs. 15,000. If a beneficiary passes away, their spouse will receive 50% of the pension.

 

How much cash do you need to put in?

 

If you start putting in Rs 55 each month from age 18 in the Pradhan Mantri Shram Yogi Maandhan Yojana, you’ll receive a monthly pension of Rs 3000 once you hit 60. You can also choose to deposit Rs 100 a month starting at age 29, or Rs 200 a month starting at age 40, and you’ll still get the same pension.

 

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