Brief Details about PM Sharam Yogi Maan-Dhan Yojana

Brief Details about PM Sharam Yogi Maan-Dhan Yojana
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In this post, the brief details about PM Sharam Yogi Maan-Dhan Yojana will be discussed and know about the features of this Yojana and why it is started by the Prime Minister.

Pradhan Mantri Sharam Yogi Maan-Dhan (PM-SYMD) Yojana started by the Prime Minister Narendra Modi with an aim to ensure financially the old age unorganized sector workers with Rs.3000/- per month after the age of 60 years.

Overview of the scheme

The scheme is meant for old age protection and social security of Unorganised Workers (UW) who are mostly engaged as rickshaw pullers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washermen, home-based workers, own-account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audiovisual workers or in similar other occupations.

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The eligibility criteria to get enrolled

There are simple and minimum eligibility criteria to get the pension after the age of 60 years are as follows:

  • Should be an unorganized worker (UW)
  • Entry age between 18 and 40 years
  • Monthly Income ₹15000 or below
  • Should not be an employee in the Organized Sector.
  • Should not be a regular taxpayer.
  • Must have an Adhaar Card.
  • Must have a Savings or Jan-Dhan Bank Account with IFSC.

What will be the Minimum Pension

If any unorganized worker subscribes the scheme and has paid regular contribution up to the age of 60 years by availing the scheme at the age of 18 years, he will get a minimum monthly pension of Rs. 3000/-.

In all cases, any amount contributed per month by the person, the same amount will be contributed by the Central Government every month. This means the contribution will be 50:50.

The benefits of the Scheme

During the receipt of a pension, if the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension received by the beneficiary as a family pension. Family pension is applicable only to a spouse.

If a beneficiary has given a regular contribution and died due to any cause (before age of 60 years), his/her spouse will be entitled to join and continue the scheme subsequently by payment of regular contribution or exit the scheme as per provisions of exit and withdrawal.

Defaults in Payment of Contribution

If a subscriber has not paid the contribution continuously he/she will be allowed to regularize his contribution by paying entire outstanding dues, along with penalty charges, if any, decided by the Government.

Enrollment Centres for the Scheme

All LIC, EPFO/ESIC and all Labour offices of Central and State Governments may set up a “Facilitation Desk” to facilitate the unorganized workers, brief details about PM Sharam Yogi Maan-Dhan Yojana, the features of the Scheme and direct them to nearest CSC.

The enrolment will be carried out by all the Common Services Centres. The unorganised workers may visit their nearest CSC along with their Aadhar Card and Savings Bank account passbook/Jandhan account and get registered themselves for the Scheme.

The contribution amount for the first month shall be paid in cash for which they will be provided with a receipt. Afterwards, the contribution will be auto-debited from the bank account linked to this scheme.

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