Investing is turning out to be the primary source of income for many. In this context, investing in a retirement plan has also become necessary for everyone to ensure that they get a fixed amount every month to meet their daily needs after their retirement. The govt scheme, Pradhan Mantri Shram Yogi Maandhan Yojana (प्रधानमंत्री श्रम योगी मानधन योजना), encourages people from unorganised sectors to invest in their future by just putting in small deposits every month.
Read the article to learn more about the government scheme, including information about the process of application, like Shram Yogi Mandhan Yojana online Registration, or about the process of checking Shram Yogi pension account number status check.
Overview
The table below summarises some key details about the government scheme that one should know.
| Name of the scheme | Pradhan Mantri Shram Yogi Maandhan Yojana |
|---|
| Launched by | Government of India |
| Launched in | 2019 |
| Objective | To help people working in the unorganised sector invest for their retirement to get a stable income every month after the age of 60 years |
| Mode of PMSYM apply | Offline. Please note that the PMSYM online registration is not available. |
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What Is The Pradhan Mantri Shram Yogi Maandhan Yojana? (प्रधानमंत्री श्रम योगी मानधन योजना)
Piyush Goyal, then Finance Minister, had announced in the 2019 interim Union Budget that by the next five years, 100 million beneficiaries will be covered under this govt scheme. The Pradhan Mantri Shram Yogi Maandhan Yojana was introduced mainly for the unorganised sector workers.
“It is expected that at least 100 million labourers and workers in the unorganised sector will avail the benefit of Pradhan Mantri Shram-Yogi Maandhan within the next five years, making it one of the largest pension schemes in the world,” then Finance Minister Piyush Goyal had said.
The main aim of this govt scheme is to help people working in the unorganised sector to invest for their retirement to get a stable income every month after the age of 60 years.
The main beneficiaries of Pradhan Mantri Shram Yogi Maandhan Yojana are domestic workers, street vendors, drivers, plumbers, tailors, mid-day meal workers, rickshaw pullers, construction workers, garbage pickers, bidi makers, handloom workers, agricultural workers, cobblers, washermen, leather workers, etc.
How Much Is The Contribution For This Scheme?
Every person will have to pay according to their age category. Let’s understand each age category’s contribution.
| Age group | Contribution in Rupees |
|---|
| 19-year-old | Rs. 58 every month |
| 20-year-old | Rs. 61 every month |
| 21 years old | Rs. 64 every month |
| 22 years old | Rs. 68 every month |
| 23 years old | Rs. 72 every month |
| 24 years old | Rs. 76 every month |
| 25 years old | Rs. 80 every month |
| 26 years old | Rs. 85 every month |
| 27 years old | Rs. 90 every month |
| 28 years old | Rs. 95 every month |
| 29 years old | Rs. 100 every month |
| 30 years old | Rs. 105 every month |
| 31 years old | Rs. 110 every month |
| 32 years old | Rs. 120 every month |
| 33 years old | Rs. 130 every month |
| 34 years old | Rs. 140 every month |
| 35 years old | Rs. 150 every month |
| 36 years old | Rs. 160 every month |
| 37 years old | Rs. 170 every month |
| 38 years old | Rs. 180 every month |
| 39 years old | Rs. 190 every month |
| 40 years old | Rs. 200 every month |
Also Read: What Is Aam Aadmi Bima Yojana?
What Are The Features Of The Pradhan Mantri Shram Yogi Maandhan Yojana? (प्रधानमंत्री श्रम योगी मानधन योजना)
There are some important features of the PM Shram Yogi Yojana. Some of the key features of the government scheme are laid down below for one's reference:
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Every subscriber who has made monthly payments will receive Rs. 3,000 per month after reaching the age of 60.
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If the subscriber dies, the spouse is entitled to get 50% of the pension as a family pension.
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If the subscriber dies before the age of 60 years, the spouse of the subscriber will be entitled to join the government pension scheme and continue from there.
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The government will match the contribution put in by the subscriber.
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If a subscriber misses their payment, they will be allowed to regularise their contribution by paying their entire outstanding dues. Penalties may apply.
Benefits
There are innumerable benefits that the beneficiaries of the scheme can reap. Some popular benefits of the scheme are mentioned below in detailed points for one's better understanding:
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One of the major benefits of the PM Shram Yogi scheme is that it provides a fixed monthly pension worth Rs. 3000 to workers from their unorganised sector after they attain the age of 60 years. This not only provides them with a fixed amount of money every month but also makes them financially independent in their post-retirement years.
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The scheme is strictly for a certain class of people, such as workers working in the unorganised sector, like street vendors, rickshaw pullers, construction workers, and others. This restriction has been made so that only the people who are often overlooked by the system can access the benefits of the government welfare scheme.
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One of the most unique benefits of the government scheme is that here, the government contributes half of the total monthly amount on behalf of the beneficiary. This model of shared contribution between the government and the beneficiary reduces the burden on both parties involved.
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The contribution needed by the beneficiary to get a Shram Yogi Card varies as per their age, like workers around the age of 18 years can contribute a smaller amount, which can gradually increase with their age and earnings. This provision makes this government scheme accessible and inclusive for all classes of people with irregular monthly incomes.
Read More: Top 10 Government Pension Schemes In India 2025
Eligibility Criteria For The Pradhan Mantri Shram Yogi Maandhan Yojana (प्रधानमंत्री श्रम योगी मानधन योजना)
People falling under the following Pradhan Mantri Shram Yogi Maan Dhan eligibility criteria can enrol for the government scheme. The criteria are as follows:
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Applicants should be an unorganised worker.
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Applicants should be between the ages of 18 to 40 years.
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The monthly income of the applicant should not be more than Rs. 15,000.
What Are The Requirements To Enrol For This Govt Pension Scheme?
A person planning to enrol for this government scheme and get a Shram Yogi card must make sure they have these requirements:
How To Enroll For The Pradhan Mantri Shram Yogi Maandhan Yojana?
Eligible individuals can apply for the scheme by following an offline procedure. Please note that there is no PMSYM online registration process. The process of application is mentioned below in a stepwise manner for one's clarity:
Step 1: Please visit the nearest Common Services Centres.
Step 2: Request the staff that you would like to enrol in the scheme.
Step 3: Make the first payment in cash at the CSC.
Step 4: Post successful Mandhan Yojana, online registration number will be generated.
Step 5: Acknowledgement and debit mandate will be asked to be signed by the beneficiary.
Step 6: CSC will scan and upload your signature.
Step 7: A Shram Yogi card will be given to you.
Step 8: A confirmation will be sent to your mobile number via SMS.
Step 9: SMS will be sent for every stage of transactions.
What Are The Documents Required For The Pradhan Mantri Shram Yogi Maandhan Yojana?
There are some documents that the applicants are required to attach while filling out the application form for the government scheme. The list of those documents is:
Conclusion
Pradhan Mantri Shram Yogi Maandhan Yojana benefits many workers in the unorganised sector, as this government scheme offers them a chance to invest in their future with low contributions. It is a big step by the government as workers do not usually get the chance to prepare and invest in their future, but under this government scheme, beneficiaries will get Rs. 3000 every month after turning 60 years old.
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