Pradhan Mantri Shram Yogi Maan Dhan Scheme

By | February 23, 2019

Pradhan Mantri Shram Yogi Maan Dhan Scheme

 

Pradhan Mantri Shram Yogi Maan dhan Scheme

About the Scheme

In exercise of the powers conferred by clause (c) of sub-section (1) of section 3 of the Unorganised Workers’ Social Security Act, 2008 (33 of 2008), the Central Government makes the Pradhan Mantri Shram Yogi Maan Dhan Scheme to provide for old age protection to the unorganised workers.

Subject to the provisions of this Scheme, the unorganised workers have option to become the members of the Scheme, on and from the 15th day of February, 2019. The provisions of this Scheme shall apply to the unorganised workers who are working or 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 labourers, own account workers,
agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio- visual workers and similar other occupations.

Eligibility to join the Scheme

1.  Pradhan Mantri Shram Yogi Maan Dhan Scheme shall be open only to the unorganised worker for joining, whose monthly income is not exceeding fifteen thousand rupees and who has a savings bank account in his name and Aadhar number.

2. The unorganised worker shall be not less than eighteen years of age and not exceeding forty years of age.

3. The unorganised worker shall not be eligible to join the Scheme, if he is covered under National Pension Scheme contributed by the Central Government or
Employees’ State Insurance Corporation Scheme under the Employees’ State Insurance Act, 1948 (34 of 1948) or Employees’ Provident Fund Scheme under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 (19 of 1952) or he is an income-tax assessee.

Pension Fund

1.  The Central Government shall for the purposes of this Scheme, establish a Pension Fund to be administered by that Government in consultation, wherever required, with the National Board.

2. The eligible subscriber, who joins the Scheme, shall subscribe to the Pension Fund as determined by the Central Government from time to time at the time of such joining in accordance with the age of the eligible subscriber, as specified in the contribution chart appended as Annexure to this Scheme.

3.  The Central Government shall also contribute to the Pension Fund the equal amount as contributed by an eligible subscriber.

Entry Age
(in years)
Superannuation Age
(in years)
Member's monthly
contribution (Rs.)
Central Government's
monthly contribution (Rs.)
Total monthly
contribution (Rs.)
18605555110
19605858116
20606161122
21606464128
22606868136
23607272144
24607676152
25608080160
26608585170
27609090180
28609595190
2960100100200
3060105105210
3160110110220
3260120120240
3360130130260
3460140140280
3560150150300
3660160160320
3760170170340
3860180180360
3960190190380
4060200200400

Payment of pension

1.  Each eligible subscriber under this Scheme shall receive assured minimum monthly pension of three thousand rupees after attaining the age of sixty years.

2. Once the eligible subscriber joins this Scheme at the entry age between eighteen to forty years, such subscriber has to contribute till attaining the age of sixty years and on attaining his age of sixty years, such subscriber shall be entitled to get the assured minimum monthly pension of three thousand rupees.

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.

 

 

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