You can apply for the Pradhan Mantri Shramyogi Maandhan Yojana pension scheme if you are below the age of 40
Pension is a necessity for all humans especially if you do not plan to struggle in your old age and in order to prevent this, many invest in schemes - private and public which guarantee a fixed return in older age.
One such scheme is the 'Pradhan Mantri Shramyogi Maandhan Yojana' (PMSMY) where you can get a monthly pension of Rs 3000 just by investing Rs 1.80 every day. This scheme is beneficial for those who belong to the unorganised sector i.e maids, cobblers, tailors, rickshaw pullers, washermen and labourers. According to government figures, about 42 crore people work in the unorganized sector in the country.
If your monthly income is less than fifteen thousand and you belong to the age group of under forty then you can get a pension of up to 3000 rupees every month. This scheme was incorporated by the Modi government in 2019 and aims to get at least 10 crore workers under this scheme in the next 5 years.
Since this scheme is backed by the government, the return is guaranteed. Individuals working in the organized sector or members of the Employees Provident Fund (EPFO), National Pension Scheme (NPS) or State Employees Insurance Corporation (ESIC) or paying income tax cannot take advantage of this scheme.
Now, there are different amounts for different age groups. If you are 18 then you will have to invest Rs 55 monthly, if you are 29 years then Rs 100 every month and if you are 40 years then you will have to deposit Rs 200 every month for 40 years. If the beneficiary dies before getting the pension, then 50 per cent of the pension will be given to his spouse.
Documents required:
To open an account under the PMSMY scheme, you mainly need three documents - Aadhaar card, IFSC with savings or Jan Dhan account and a valid mobile number.
To apply one has to locate the nearest Common Service Center (CSC) on the website of the Employees' Provident Fund Organization (EPFO). Apart from this, applications can also be made by visiting the branch of Life Insurance Corporation of India (LIC), State Employees Insurance Corporation (ESIC), EPFO or Labor Office of the Central and State Governments.
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