The government will now provide pensions to laborers; under this scheme, they will receive a monthly pension of ₹3,000.

The central government has launched a new scheme for daily-wage laborers and the working class, under which they will receive a pension of ₹3,000 upon reaching retirement age. Let’s find out how to avail of this benefit.

The central government is highly committed to the nation's economic development, with a particular focus on the economic upliftment of the poorer sections of society. To this end, the government frequently introduces new schemes. As part of this initiative, the central government has now launched a scheme for workers in the unorganized sector, providing them with pension benefits.

Under the 'Pradhan Mantri Shram Yogi Maan-dhan' (PMSYM) scheme, eligible workers will receive a monthly pension of ₹3,000 after attaining the age of 60. This is a voluntary, contributory pension scheme designed to provide financial security to workers in their old age.

Who can benefit from this scheme?

The scheme is open to street vendors, rickshaw pullers, domestic workers, construction laborers, agricultural workers, ragpickers, and other workers in the unorganized sector. Through this scheme, such workers will have a source of regular income in their old age. It should be noted that this applies to workers in the unorganized sector who are not already covered under the Employees' Provident Fund Organization (EPFO), the Employees' State Insurance Corporation (ESIC), or the National Pension System (NPS).

Eligibility criteria for the scheme

The government has set specific eligibility criteria for joining the 'Pradhan Mantri Shram Yogi Maan-dhan' scheme. For instance, the applicant must be between 18 and 40 years of age. Additionally, their monthly income must be ₹15,000 or less. Furthermore, the applicant must not be an income taxpayer.

A specified amount must be deposited every month.

This scheme is based on contributions. In other words, to avail of the pension benefit, a worker must make regular contributions of a specified amount, determined based on their age. The monthly contribution for a worker joining the scheme can range from ₹55 to ₹200. The central government also contributes an amount equal to that of the beneficiary. Upon reaching the age of 60, the eligible beneficiary will receive a monthly pension of ₹3,000.

Where to register?

Workers interested in registering for this scheme can visit their nearest Common Service Centre (CSC). Registration can be completed there by providing an Aadhaar card and bank account details. Additionally, information can be obtained by visiting the scheme's official website, maandhan.in. Before applying, be sure to review the rules regarding eligibility and contributions.