The pension amount they receive after retirement will depend on how much they contribute.
The Indian government runs several schemes to benefit millions of people across the country. These programs are designed to meet different needs, offering financial support, pensions, and other essential services. One of the biggest concerns for many people, especially those working in unorganized sectors, is financial security after retirement.
To help such individuals, the government has launched an affordable pension scheme. Under this scheme, by contributing just Rs. 55 per month, people can receive a monthly pension of Rs. 3,000 in their old age.
Affordable pension for workers
One such initiative by the government is the Pradhan Mantri Shram Yogi Maandhan Yojana. This scheme is specifically designed for workers in the unorganized sector who do not have any financial backup for their retirement. Many workers in India, such as laborers, street vendors, and daily wage earners, do not have the security of pension plans like those in formal employment.
To support them, the government introduced this scheme in 2019. Under this plan, individuals can start contributing as little as Rs. 55 per month during their working years. In return, they will receive a fixed pension of Rs. 3,000 per month after they reach retirement age. This initiative ensures that even those with low earnings can secure their future without much financial burden.
Who can benefit from this scheme?
The Pradhan Mantri Shram Yogi Maandhan Yojana is specially designed for workers in the unorganized sector. This includes:
- Waste collectors
- Laundry workers
- Rickshaw pullers
- Leather workers
- Brick kiln laborers
- Domestic workers
- Construction workers
One of the biggest advantages of this scheme is that the government matches the worker’s contribution. For example, if a worker contributes ₹200 per month, the government will also deposit ₹200 into their pension fund.
How to contribute?
- Workers can start investing in this scheme from the age of 18.
- If they start at 18, they need to contribute just Rs. 55 per month.
- If they start at 29, their monthly contribution increases to Rs. 100.
The pension amount they receive after retirement will depend on how much they contribute. This scheme is an excellent opportunity for low-income workers to secure their old age with minimum investment and government support.
