PRADHAN MANTRI SHRAM YOGI MANDHAN YOJANA

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.