Pradhan Mantri Shram Yogi Maandhan is a government scheme meant for old age protection and social security of Unorganized Workers (UW).
Unorganized Workers (UW) are mostly engaged as home based workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, rickshaw pullers, landless laborers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio- visual workers or workers in similar other occupations. There are approximately 42 crore such Unorganized workers in the country.
It is a voluntary and contributory pension scheme under which the subscriber would receive a minimum assured pension of Rs 3000/- per month after attaining the age of 60 years and if the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension as family pension. Family pension is applicable only to spouse.
- On the maturity of the scheme, an individual will be entitled to obtain a monthly pension of Rs. 3000/-. The pension amount helps pension holders to aid their financial requirements.
- The scheme is a tribute to the workers in the Unorganized sectors who contribute around 50 per cent of the nation’s Gross Domestic Product (GDP).
- The applicants between the age group of 18 to 40 years will have to make monthly contributions ranging between Rs 55 to Rs 200 per month till they attain the age of 60.
- Once the applicant attains the age of 60, he/ she can claim the pension amount. Every month a fixed pension amount gets deposited in the pension account of the respective individual.
- For Unorganized Worker (UW)
- Entry age between 18 to 40 years
- Monthly Income Rs 15000 or below
Should not be
- Engaged in Organized Sector (member of EPFO/NPS/ESIC)
- An income tax payer
He/ She should possess
- Aadhaar card
- Savings Bank Account / Jan Dhan account number with IFSC
- Assured Pension of Rs. 3000/- month
- Voluntary and Contributory Pension Scheme
- Matching Contribution by the Government of India
Benefits to the family on death of an eligible subscriber
During the receipt of pension, if an eligible subscriber dies, his spouse shall be only entitled to receive fifty per cent of the pension received by such eligible subscriber, as family pension and such family pension shall be applicable only to the spouse.
Benefits on disablement
If an eligible subscriber has given regular contributions and become permanently disabled due to any cause before attaining his age of 60 years, and is unable to continue to contribute under this Scheme, his spouse shall be entitled to continue with the Scheme subsequently by payment of regular contribution as applicable or exit the Scheme by receiving the share of contribution deposited by such subscriber, with interest as actually earned thereon by the Pension Fund or the interest at the savings bank interest rate thereon, whichever is higher.
Benefits on Leaving the Pension Scheme
- In case an eligible subscriber exits this Scheme within a period of less than ten years from the date of joining the Scheme by him, then the share of contribution by him only will be returned to him with savings bank rate of interest payable thereon.
- If an eligible subscriber exits after completion of a period of ten years or more from the date of joining the Scheme by him but before his age of sixty years, then his share of contribution only shall be returned to him along with accumulated interest thereon as actually earned by the Pension Fund or the interest at the savings bank interest rate thereon, whichever is higher.
- If an eligible subscriber has given regular contributions and died due to any cause, his spouse shall be entitled to continue with the Scheme subsequently by payment of regular contribution as applicable or exit by receiving the share of contribution paid by such subscriber along with accumulated interest, as actually earned thereon by the Pension Fund or at the savings bank interest rate thereon, whichever is higher
- After death of subscriber and his or her spouse, the corpus shall be credited back to the fund.
Entry age specific monthly contribution
|Entry Age (Yrs)|
|Member’s monthly contribution (Rs)|
|Central Govt’s monthly contribution (Rs)|
|Total monthly contribution (Rs)|
(Total = C + D)
- Step 1:Interested eligible person shall visit nearest CSC centre.
- Step 2:Following are the prerequisites for the enrollment process:
- Aadhaar Card
- Savings/Jan Dhan Bank Account details along with IFSC Code ( Bank Passbook or Cheque Leave/book or copy of bank statement as evidence of bank account )
- Step 3:Initial contribution amount in cash will be made to the Village Level Entrepreneur (VLE).
- Step 4:The VLE will key-in the Aadhaar number, Name of subscriber and Date of birth as printed on aadhaar card for authentication.
- Step 5:The VLE will complete the online registration by filling up the details like Bank Account details, Mobile Number, Email Address, Spouse (if any) and Nominee details will be captured.
- Step 6:Self-certification for eligibility conditions will be done.
- Step 7:System will auto calculate monthly contribution payable according to age of the Subscriber.
- Step 8:Subscriber will pay the 1st subscription amount in cash to the VLE.
- Step 9:Enrollment cum Auto Debit mandate form will be printed and will be further signed by the subscriber. VLE will scan the same and upload it into the system.
- Step 10:A unique Shram Yogi Pension Account Number (SPAN) will be generated and Shram Yogi Card will be printed.