Pension is prerequisite for all humans, especially if you do not plan to struggle in your old age. In order to prevent this, many invest in schemes- private & public which guarantees a fixed return in the old age. There are many pension schemes which are availed by everyone including the farmers community, and Pradhan Mantri Shramyogi Maandhan Yojana is one among them.
About PMSMY Pension Scheme
One of such schemes is the “Pradhan Mantri Shramyogi Maandhan Yojana” (PMSMY). In this scheme you can get a monthly pension of Rs 3000 by investing just Rs 1.80 every day. This scheme is beneficial for those people, who belong to an unorganized sector i.e., maids, tailors, cobblers, washermen, rickshaw pullers & laborers. According to the government figures, about 40 crore people work in an unorganized sector in the country.
If your monthly income is less than 15 thousand & you belong to the age group of under 40 years then you can get a pension of up to Rs 3000 every month. This scheme was incorporated by the Modi government in 2019 and it aims to get at least 10 crore workers under this scheme in the next 5 years. Since the “Pradhan Mantri Shramyogi Maandhan Yojana” scheme is backed by the government, the return is guaranteed. Individuals who are working in an organized sector or the members of Employees Provident Fund (EPFO), National Pension Scheme (NPS) or the State Employees Insurance Corporation (ESIC) or paying the income tax cannot take advantage of this scheme.
Now, there are different amounts for different age groups. If you are 18 years old, then you will have to invest Rs 55 monthly, if you are 29 years then Rs 100 every month & if you are 40 years then you will have to deposit Rs 200 each and every month for 40 years. If the beneficiary dies before getting the pension, then 50% of the pension will be given to his spouse.
Documents Required
To open an account under the ‘Pradhan Mantri Shramyogi Maandhan Yojana’ scheme, you mainly need 3 documents.
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IFSC code with savings or Jan Dhan account
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Valid mobile number
To apply for this, one has to locate the nearest Common Service Center (CSC) on the website of Employees Provident Fund Organization (EPFO). Apart from this, applications can also be made by visiting the branch of Life Insurance Corporation of India (LIC), State employees Insurance Corporation (ESIC), EPFO or the Labor Office of the Central & State Governments.
