Prime Minister Narendra Modi will launch the Pradhan Mantri Shram Yogi Mandhan Yojana in Gandhinagar, Gujarat on March 5, 2019.
About:
Background: This scheme was announced in the Interim Budget in February this year.
Beneficiaries:
It is a pension scheme for unorganised sector workers with monthly income upto Rs. 15,000.
It is expected that at least 10 people will be benefited from the scheme within next five years (The scheme will also be implemented from the current year).
Pension amount: This pension yojana shall provide them an assured monthly pension of Rs. 3,000 from the age of 60 years on a monthly contribution of a small affordable amount during their working age.
Contribution to be made:
However, to benefit from the scheme, workers have to contribute ₹55 monthly (for age 18) and it varies according to age. Maximum contribution for a year cannot exceed ₹2400 (Rs.200 per month).
The Government will deposit equal matching share in the pension account of the worker every month.
Budgetary allocation: A sum of Rs. 500 crore has been allocated for the Scheme. Additional funds will be provided as needed.
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