Pradhan Mantri Shram Yogi Mann-dhan Yojana

Introduction

The unorganized sector always lies back supporting countries economy without any credits. The sector looks well ignored before 1970’s with economists not considering the contribution of this sector in our economy. After 1970 the sector was recognized officially but still the welfare of the workers working in this sector was not considered important. The unorganized sector plays a vital role in Indian economy. The unorganized sector of India contributes nearly 50% of Indian GDP with nearly 93% of working population being engaged in this sector. Most of the people earn a livelihood by working for an income. They work as an employer or a self-employer or as contact workers, etc. The unorganized sector is neither taxed nor monitored by government which makes them different from the organized sector. With employers not having provision of overtime payment, paid leaves or holidays, medical facilities, gratuity and provided fund the Pradhan Mantri Shram Yogi Mann-dhan scheme becomes very important for informal workers who does not get such provisions. The Pradhan Mantri Shram Mann-dhan scheme enables the workers of unorganized sector to get monthly pension of Rs.3000/- after attaining the age of 60 years.

Agriculture plays a vital role in Indian economy, with over 60% of the population being employed in this sector whereby contributing 17% in countries GDP is one of the main occupations of unorganized sector. The small and marginal farmers, landless agricultural laborer, fishermen, share croppers, leather workers, weavers, artisans, salt workers, brick workers, building and construction workers, rag pickers, street vendors, rickshaw pullers, etc. all comes under this unorganized sector and are equally eligible to avail this Pradhan Mantri Shram Yogi Mann-dhan scheme which is administered by Ministry of Labor and Employment and implemented through Life Insurance Company Of India and CSC e-Governance Services India Limited (CSC SPV).

The scheme enables to give a minimum assured pension for each subscriber of the Pradhan Mantri Shram Yogi Mann-dhan Scheme after attaining the age of 60 years. The subscriber should join the Pradhan Mantri Shram Yogi Mann-dhan Scheme between the age of 18 years to 40 years and must contribute until they reach 60 years of age to receive a pension of Rs.3000 per month along with family pension (if applicable). The contribution towards the Pradhan Mantri Shram Yogi Mann-dhan scheme is made by the subscriber and the central government on a 50:50 basis which make this scheme more beneficiary for the subscriber. If the subscriber passes during the tenure of Pradhan Mantri Shram Yogi Mann-dhan Scheme then 50% of the family pension that the subscriber was getting will now be provided to his/her spouse. If the subscriber fails to make contribution on regular basis, he/she can regularize his/her contribution by paying the outstanding dues and fines. The Pradhan Mantri Shram Yogi Mann-dhan Scheme provides a support to balance out your expenditure with an affordable pension scheme after attaining the age of 60 years.

Scheme Overview

The Pradhan Mantri Shram Yogi Mann-dhan Scheme is a Pension Scheme which is introduced by the Government of India that offers old age protection for workers of Unorganized sector. The PM-SYM Scheme provides a minimum assured pension of Rs 3000/- per month after attaining the age of 60 years. The Unorganized workers whose monthly income is Rs 15000/- per month or less and belong to the entry age group of 18-40 years are eligible for this Pension Scheme. The Pradhan Mantri Shram Yogi Mann-dhan Scheme is administered by Ministry of Labor and Employment which comes under central government. The implementation of the scheme is handled by Life Insurance Company of India (LIC) and CSC e-Governance Services India Limited (CSC SPV). The Life Insurance Company of India (LIC) handles the pension fund and is responsible for successful pay-out of pension. The Common Service Center (CSC) is responsible for enrollment of the subscribers who are willing to adopt the scheme for their secure future.

Scheme Eligibility Criteria

The Pradhan Mantri Shram Yogi Mann-dhan does not allow everyone to enroll in this Pension Scheme. Here are the Eligibility Criteria which is required to get enrolled into this scheme: -

• The Individuals must be working in Unorganized Sector.
• The Individuals must be between the age of 18 years and 40 years.
• The monthly Income of the individual must be Rs. 15000/- or less.
• The Individual must not be an Income Tax Payer.
• The Individual should not be covered under the Employees Provident Fund Organization (EPFO), National Pension Scheme (NPS) or Employees State Insurance Corporation (ESIC).

Required Documents

For enrolling into Pradhan Mantri Shram Yogi Mann-dhan Scheme you need to have certain documents and they are:-

• The Individual must have a Savings bank Account or Jan Dhan Account Number with IFSC.
• The Individual must have his/her Aadhar Card.

Process of Application

To enroll into Pradhan Mantri Shram Yogi Mann-dhan Scheme, the Unorganised worker need to visit the nearest Common Service Center (CSC). In Common Service Center (CSC) the enrollment is done by taking workers Aadhar Card and his/her Savings Bank Account or Jan Dhan Account Number by self-certification basis. The first subscription should be paid in cash for which they will be provided with a reciept and auto debit from the next month onwards. Later on, a facility would be provided for the workers were the subscribers could also visit the Pradhan Mantri Shram Yogi Mann-dhan Scheme (PM-SYM) web portal or could download mobile app for self-registration using Aadhar number and Savings bank account or Jan Dhan account number. For any queries subscriber could call up the customer care number or go to the web portal for filling complaints.

Conclusion

The Pradhan Mantri Shram Yogi Mann-dhan Scheme (PM-SYM) is a good step taken by the Indian Government for old age protection and social security of unorganized workers. With national Institutes like LIC, CSC, EPFO, ESIC, Ministry of Labor and Employment, etc. being part of this welfare scheme, the objective of the scheme would roll out effectively and efficiently. However, the scheme is established for the welfare of the unorganized workers but it is not the only scheme, introduced by the Government which looks for the welfare of the unorganized workers. There are many such schemes like Attal Pension Yojna which also aims to provide a minimum security for unorganized workers after the age of 60 years. The pension scheme is beneficiary for the subscriber and his family and hence it is taken by many in recent years.