Context:

• The Pradhan Mantri Shram Yogi Maan-Dhan scheme will be implemented from today.

Pradhan Mantri Shram Yogi Maan-Dhan scheme:

• The scheme announced in the Budget 2019 has proposed to launch the scheme for the unorganised sector workers with monthly income upto Rs 15,000.
• The Government will deposit equal matching share in the pension account of the worker every month.
• It is expected that at least 10 crore labourers and workers in the unorganised sector will avail the benefit of the scheme within next five years making it one of the largest pension schemes of the world.
• A sum of Rs 500 crore has been allocated for the Scheme.
• The scheme will also be implemented from the current year.
• This pension yojana shall provide an assured monthly pension of Rs 3,000 from the age of 60 years on a monthly contribution of a small affordable amount during their working age. An unorganised sector worker joining pension yojana at the age of 29 years will have to contribute only Rs 100 per month till the age of 60 years.
• A worker joining the pension yojana at 18 years, will have to contribute as little as Rs 55 per month only.
• Around 42 crore workers are estimated to be engaged in the unorganized sector in the country. The scheme was announced in the interim Budget. During the receipt of pension, if the subscriber dies, the spouse of the beneficiary will be entitled to receive 50 per cent of the pension. It said family pension is applicable only to a spouse.
• The scheme is a voluntary and contributory pension scheme on a 50:50 basis where prescribed age-specific contribution shall be made by the beneficiary and the matching contribution by the Central Government.
• The subscriber will be required to have a mobile phone, savings bank account and Aadhaar number. All the branch offices of LIC, ESIC and EPFO and all Labour offices of Central and State Governments will guide the unorganised workers about the Scheme, its benefits and the procedure to be followed.