Finance Minister Piyush Goyal announced, in his maiden budget speech 2019-20, a mega pension scheme for the workers of unorganized sector. The mega pension scheme is known as Pradhan Mantri Shram Yogi Maan-dhan. This scheme is meant for workers in unorganised sector such as maids, drivers and so on whose monthly income does not exceed Rs. 15,000. Under the scheme, pension of Rs. 3000 per month will be given to eligible subscribers. Both subscriber and government will contribute equal amounts to the pension corpus during the years of accumulation. Here are the eligibility criteria. Read on to find out who can get it :
Key features of the scheme are following–
• The scheme has come into force from 15 February, 2019.
• This Scheme is applicable to the unorganised workers who are working or engaged as home based workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, rickshaw pullers, landless labourers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio-visual workers and similar other occupations.
• To join the mega pension scheme, the monthly income of unorganised worker should not exceed Rs. 15,000.
• The eligible person should have a savings bank account and Aadhaar number.
• The age of worker should not be less than 18 years and not more than 40 years of age.
• A worker will not be eligible if 41 he / she is already a member of other pension schemes – National Pension Scheme (NPS) where contribution is also made by the Central Government or Employee State Insurance Corporation Scheme or Employee Provident Fund or he is an income tax assessee.
• In case of default on payment contributions, the eligible subscriber will be allowed to regularise his/her contributions by paying the outstanding dues along with interest. The interest will be determined by the Government of India.
• If the subscriber wishes to exit the scheme, within ten years of date of joining, then only his share of contribution will be returned to him along with savings bank interest rate.
• If the eligible subscriber dies due to any cause, then the spouse shall have an option to continue the scheme by making regular contribution or exit the scheme by receiving share of’ contribution paid by the subscriber along with accumulated interest or savings bank interest rate, whichever is higher.
• Post the death of subscriber and the spouse, the corpus will be credited back to the fund.
• In case the subscriber becomes permanently disabled before the age of sixty and is unable to contribute to the scheme, then he has the option to exit the scheme by receiving his share of contribution along with interest actually earned by the pension scheme or savings bank interest rate, whichever is higher. Another option is that spouse will be allowed to continue to contribute to the scheme subsequently by payment of regular contribution.
• During the years when pension is received by subscriber, if he / she dies, then spouse shall be eligible to receive 50 per cent of the pension received by the subscriber. Children of the subscriber will not be allowed to receive any pension benefit after his/her death.
• The minimum monthly pension assured in the scheme is Rs. 3000 which will be paid to the subscriber after attaining the age of 60 years.
• Subscribing member’s contribution ranges from Rs. 55 per month (Entry age 18 Years) to Rs. 200 per month (entry age 40 years). Central government will contribute the same amount every month.