In 2021, Union Minister Piyush Goyal introduced the Prime Minister Shram Yogi Maandhan Pension Scheme as part of the government’s efforts to support various sections of society. The primary goal is to provide pensions to those working in unorganized sectors.
This initiative primarily benefits small-scale farmers, agricultural laborers without land, fishermen, cattle herders, leather artisans, weavers, and street vendors.
The scheme covers laborers earning a monthly income of Rs 15,000 or less.
Registration for this Central Government scheme is now open through the Employees Provident Fund Organization.
Eligible individuals working in unorganized sectors with monthly incomes below Rs 15,000 will receive a minimum pension of Rs 3,000 after turning 60, provided they do not pay income tax as laborers.
Applicants must make monthly premium deposits, with the amount varying based on their age. For instance, a 29-year-old would contribute Rs 100 monthly, while those aged 40 or older would deposit Rs 200 each month.
The Donate a Pension program under Shram Yogi Maandhan Yojana allows state citizens to support domestic workers, drivers, and support staff by contributing to their premium payments.
Depending on their age, contributors can deposit between Rs 660 and Rs 2,000 annually.
After reaching 60 years of age, participants receive a minimum monthly pension of Rs 3,000, ensuring financial security in their senior years.
