Maandhan Pension Yojana: All small and marginal farmers (SMF) in the country can get a salary from the Pradhan Mantri Kisan MaanDhan Yojana (PMKMY). It is a retirement plan that people between the ages of 18 and 40 can join if they want to and pay into. Since August 9, 2019, the Maandhan Pension Yojana has been in place.
Maandhan Pension Yojana
Workers will now be able to get a salary from the central government. Pradhan Mantri Shram Yogi Mandhan Yojana (PM Shram Yogi Mandhan Yojana) is a great program for workers in the unorganized sector. Vendors, rickshaw drivers, building workers, and others in the unorganized sector will be helped to plan for their retirement.
With this plan, the government promises an income to workers. With this plan, you can get a salary of Rs 36,000 per year by saving only Rs 2 per day. To start this scheme, you have to put in Rs 55 every month.
For example, if you start saving about Rs 2 per day at age 18, you can retire at age 40 with an income of Rs 36,000 per year. If a person starts this program when they are 40, they will have to put away Rs 200 every month. When you turn 60, you will be able to get a salary. After age 60, your salary will be Rs 3,000 per month, or Rs 36,000 per year.
PM-Kisan Maandhan Yojna Features
- Farmers between the ages of 18 and 40 can join on their own and pay into it. When they turn 60, they can get a monthly salary of Rs. 3,000.
- Farmers have to put between 55 and 200 rupees per month into a pension fund until they turn 60, which is when they can retire. A monthly contribution to the pension fund of 55 to 200 rupees, based on the age of entry, until retirement at age 60.
- The monthly dues are due every month on the same day as the registration date, and recipients can also pay their dues quarterly, semi-annually, or quarterly.
- The spouse is also eligible for a special Rs.3,000 pension, which is paid for by separate payments to the Fund.
- The pension fund will be run by the Life Insurance Company of India (LIC), which will also be in charge of paying the payments.
- If the business owner dies before the retirement date, the business owner’s spouse can pay the leftover contributions until the business owner’s age.
- If the farmer’s spouse doesn’t want to continue, the farmer’s contribution + interest will be given to the farmer’s spouse.
- If there is no partner, the total contribution plus interest is given to the nominee.
- If the farmer dies after retirement, his or her partner gets 50% of the pension as a family pension. After the farmer and his or her partner die, the amount saved is added to the pension fund.
- Beneficiaries can leave the scheme on their own after at least 5 years of regular payments. When you leave, LIC will give you back the full amount plus the present savings account interest.
- Farmers who get money from the PMKisan plan can choose to take their payment right out of their PMKisan money.
- If the regular payments aren’t made, the recipients can get the payments back on track by paying the fees that are still due plus the interest that is set. Up to one month after the first payment that wasn’t made on time, there won’t be a late payment fee. For the premium to be paid without interest, there would need to be three payment rounds.
Eligibility
The Pradhan Mantri Shram Yogi Maandhan pension plan is open to all unorganized sector workers under age 40 who are not part of any other government program. You are told that the person who wants to join this plan must make less than 15,000 rupees per month.
Documents Required
To take part in this program, you need an Aadhar card and a bank account. The person can’t be younger than 18 or older than 40.
Maandhan Pension Yojana 2023: How to Apply
You can sign up for the Maandhan Pension Yojana either by registering yourself online or by going to one of the Common Service Centers in different states. There is no cost to sign up. The Government will pay Rs.30/- for each person who signs up at a Common Service Center.
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Registration Process
- To join the program, SMFs who are eligible must go to the local Common Service Center (CSC) with their Aadhaar card and their bank passbook or contact information.
- The Village Level Entrepreneur (VLE) at the CSC will finish the online registration process by entering the Aadhaar number, name, date of birth, spouse and candidate information, cell phone number (optional), address, and some other information.
- During the online registration process, the subscriber enters their bank information and sets up an auto-debit mandate on their bank account so that the amount of their monthly donation is taken out of their bank account automatically.
- The host bank or IDBI will make the request on behalf of LIC India. The CSC will check the information by hand, using things like bank information from supporting papers, Aadhaar demographic authentications, and so on.
- The OTP verification process will check the subscriber’s cell number, if they chose to give it.
- By putting his signature on the online registration form, the user will verify the information on it.
- The VLE will put a scanned copy of the signed registration form online. After that, the initial donation can be paid online and a receipt will be given.
- At this point, the online registration process would be done, and the system would make a Pradhan Mantri Kisan MaanDhan Pension Card (PMKMY) with a clearly displayed unique pension account number.
- At the end of the registration process and after the initial donation has been paid, a registration form will be made for the subscriber to fill out and sign. This form will be given to the farmer to get their permission for PMKisan services to be automatically deducted from their bank accounts.
- The offices of the Ministry of Labor, LIC, and EPFO have been chosen by the government as Shramik centers for this scheme. By going here, workers can learn more about the project.
For the scheme, the government has set up a free helpline: 18002676888. You can also call this number to find out about the Maandhan Pension Yojana.
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