If you do not want to spread your hands in front of anyone to meet money and other needs in old age, then retirement planning is very important. To avoid the shortage of money after retirement, in today’s time there are many investment options available at both government and private level so that you have enough capital in old age.
One of these schemes is the Pradhan Mantri Shramyogi Maandhan Yojana. In this government scheme, you can easily get a pension of Rs 3,000 per month in old age by investing Rs 1.80 per day. The central government scheme is for those living on low income.
These people will benefit
This scheme is beneficial for those people who work in the unorganized sector such as daily wage laborers, drivers, sweepers, cobblers, tailors, rickshaw pullers, handcarts etc. According to government figures, at present, about 42 crore people work in the unorganized sector of the country. Keeping all these people in mind, the government has launched this scheme.
These people will not get benefit
Since it is a government scheme, you will get guaranteed returns on it. Individuals working in the organized sector or members of Employees’ Provident Fund Organization (EPFO) or National Pension Scheme (NPS) or State Employees Insurance Commission (ESIC) or income tax payers will not get the benefit of this scheme.
As per the scheme, if a person earns less than Rs 15,000 per month and is below 40 years of age, he can be entitled to a pension of Rs 3,000 per month after the age of 60 years. The Modi government started this scheme in the year 2019. The central government aims to enroll about 10 crore people under this scheme in the next five years.
Invest according to age
Under the Pradhan Mantri Shramyogi Maandhan Yojana, a person can invest according to his age. If he is 18 years old then he has to invest Rs 55 every month. Those above 19 years of age will have to invest Rs 100 per month and those above 40 years of age will have to invest Rs 200 per month. The government has also provided that if the beneficiary dies before the commencement of pension service, his/her spouse will get 50% of the pension amount.
Required documents for pension
To take advantage of Pradhan Mantri Shramyogi Maandhan Yojana, you will mainly need three documents. This document requires Aadhar card, savings bank account number or Jan Dhan account with IFSC code and a valid mobile number. To join the scheme, one has to go to the nearest Common Service Center (CSC). You can also find Common Service Centers by visiting the EPFO website. Apart from this, this work can be done by visiting Life Insurance Corporation of India, State Insurance Corporation Commission, Central or State Labor Office.
