Every person considers a pension after retirement a crucial necessity. Nowadays, people commonly arrange their retirement pensions before they retire. However, pension benefits remain unavailable to several candidates. The pension scheme directly benefits workers engaged in small-scale employment, especially.
Numerous Indians earn and spend their income on a daily basis across the nation. A large group of people has no savings set aside for their future needs. Such workers miss out on receiving any kind of retirement pension benefits. To address this, government authorities have initiated an official program for people working in the unorganized sector of Indian employment. This scheme provides pension coverage to all workers enrolled in the program.
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The central government runs different types of schemes for different groups of people in the country. The PM Shram Yogi Maandhan Yojana, launched in 2019, became operational as a new initiative to support workers. This pension program provides financial assistance to unorganized workers across the country, granting pension benefits from the government.
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Under the PM Shram Yogi Maandhan Yojana, eligible workers can receive a retirement pension of up to Rs 3,000 per month starting at age 60. The government funds this pension scheme at an equivalent level to the workers' contributions. Workers between 18 and 40 years of age are eligible to participate, with a minimum investment period of 20 years required. The pension benefit becomes accessible once the beneficiary turns 60.
To register for the scheme, workers should visit the Common Service Center (CSC) with the required documents. Upon completing the registration process and submitting the necessary documents, workers receive a Shram Yogi Card number. Expectant users can access their account details through this platform. Additionally, subscribers can authorize the system to deduct scheme payments automatically from their bank account on a monthly basis.