PM Shram Yogi Mandhan Yojana, Benefits of Pradhan Mantri Shram Yogi Mandhan 2019

Unemployment is still the main cause among the people. Well there are still many people who earn less than 15000 in a month. So in order to provide them some financial security this scheme was introduced. This scheme was known as Pradhan Mantri Shram Yogi Mandhan Yojana.

Under this scheme workers will receive pension in the form of financial security for their future lifestyle. So they can survive in a healthy manner. Thus, here in this article we will discuss about the Pradhan Mantri Shram Yogi Mandhan Yojana scheme. Also we will discuss about its benefits and eligibility criteria through this we can learn how people can apply under this scheme. So go through the article to learn more about this scheme.

What is Pradhan Mantri Shram Yogi Mandhan Yojana?

This scheme is being introduced by the Finance Minister Mr. Piyush Goyal. Under this scheme person belongs to the economic weaker section (EWS) will get pension in the form of the social security. However, budget for this scheme has been announced on 1st February 2019.

The objective behind announcing this scheme is to benefit the workers of the unrecognized sectors as well as to avail them some benefits. There are various workers who are earning income less than 15000 in a month. Thus in order to provide them few benefit government of India announces this scheme. Under this scheme the beneficiaries will have to submit the rupees 100 monthly and the government will also deposit same to them. After they have completed their 60 years of a life span the beneficiaries will receive rupees 3000 monthly in the form of the pension.

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The scheme is only for the unrecognized sector as well as for the economic weaker section of the society. It is a social security scheme, where you will receive pension of rupees 3000 monthly after you have completed 60 years of your life span.

This Pradhan Mantri Shram Yogi Mandhan Yojana will benefit the workers as well as beneficiaries in various ways. Government intends to benefit around 10 crore people under this scheme. They have targeted all the lower class workers such as plumbers, labors, mechanics, sweepers as well as construction workers. So they all may have some financial security for their future ahead.

Scheme name Pradhan Mantri Shram Yogi Mandhan Yojana  
Launched by Finance Minister Mr. Piyush Goyal
Launch date 1st February 2019
Start date of the scheme Not announced yet
Beneficiary Uncategorized as well as economic weaker sector worker
Number of beneficiary Approximately 10 crore
Contribution Rupees 100 per month
Pension amount Rupees 3000 per month

Eligibility for Pradhan Mantri Shram Yogi Mandhan Yojana:

In order to apply under this scheme first of all you are required to learn about its eligibility criteria. Given below is the detail information regarding the eligibility criteria for this scheme, you need to clear this criteria in order to take part under this scheme. The eligibility criteria of this scheme are as follows:

However, firstly in order to be applicable under this scheme your minimum age must be 18 or above. If your age is less than 18 years than you are not eligible for this scheme.

You are also required to submit the submit address proof, ID proof, company identity card, bank account passbook as well as your passport size photograph.

Hence, these are the following documents you must contain with you in order to be a part of this scheme.

Features of the Pradhan Mantri Shram Yogi Mandhan Yojana:

There are various benefits hidden under this scheme. As it is a voluntary as well as contributory pension scheme then under this scheme subscriber would automatically gain the several benefits. The benefits are as follows:

  • Minimum assured pension: each one of the applicant under the Pradhan Mantri Shram Yogi Mandhan Yojana will receive minimum amount of the assured pension of rupees 3000 under this scheme. This pension will get credit in his account after he has completed his 60 years of the life span.
  • Family pension: however, in any case on the time of the receipt of the pension if the subscriber dies due to any reason the spouse of the beneficiary is entitles to receive the 50 % of the pension. This will be received to the spouse only and it will be provided in the form of the family pension. Due to the death of the beneficiary 50% of pension is entitles to be provided to spouse in form of family pension. Thus, in any of the case if the beneficiary is dead the spouse is entitled to join as well as to continue the scheme subsequently.
  • Funds management: under this scheme it is administered by the ministry of labor and employment as well as implementation. This is also linked along with the insurance corporation of India as well as with the CSC e-governance services India private limited. Well under this LIC will be the pension fund manager as well as it is responsible for the pension pay out.
  • Default of the contributors: however, in any of the case is the applied beneficiary is unable or not paid the contribution on the continuous basis then he will be only allowed to regularize his contribution if he submit the entire outstanding in one time. He has to pay these charges along with the penalty charges. However, till now there is no penalty charges are being declared by the government.
  • Pension payout: beneficiary can easily join the scheme at the age between 18 to 40. The beneficiary is required to contribute its share till he gets 60. After he has completed his 60 years of life span he will be considered as eligible for the pension of rupees 3000 on a monthly basis.

Thus, these were the few detail information regarding the features of this scheme. Number of workers can easily avail benefits from these schemes. They are just required to learn the method of gaining benefits. After that they can easily be a successful part of this scheme.

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