In this era of inflation, low-income groups find it challenging to meet their daily needs. Due to this, they are unable to save money for the family. To make their understanding the importance of saving money in life, the Modi government has come up with the exciting initiative of the entitled scheme. Under this, individuals after attaining the age of 60 years will be offered a monthly pension. Let us take a look at some other benefits of the entitled scheme in the following part.

PM shram yogi mandhan yojana

PM Shram Yogi Yojana Launch 2020

Name of the scheme PM Shram Yogi Yojana
Beneficiaries of the schememiddle and low-income family
Scheme has been launched by Modi government
Main focus of scheme Offer monthly pension
Monthly pension amount Rupees 3000
Age limit 18 to 40 years
Scheme will be supervised by Ministry of Labor and Employment
Total number of beneficiaries 45 lakhs

 Key features of the PM Shram Yogi Yojana –

  • Main objective for scheme launch – The purpose of scheme launch by the Modi Government is to offer pension facilities once an individual attains 60 years of age.
  • Target group of the scheme – The middle and lower middle class family are the target group under the scheme.
  • Monthly pension for beneficiaries – The beneficiates will be given monthly rupees 3000.
  • Total number of beneficiaries – A total of 45 lakh beneficiaries will be benefitted under the scheme.

However, the grant money varies depending on the age when an individual is applying for the scheme.If someone starts to pay the money at the age of 18, they only have to pay rupees 55 monthly. Accordingly, the monthly payment will increase.

Eligibility criteria –

  1. Group of workers – The workers belonging to the organized sector are eligible. Also, the ones belonging to the unorganized sector like driver, laborers, sweepers, electricians are included under the scheme.
  2. Age limit – The workers belonging to 18 years to 40 years of age are eligible to avail of scheme benefits.
  3. Income limit – The families with annual income limit less than rupees 15000 are included in the above said scheme. If it exceeds the limit, they cannot get the benefits.
  4. Residential details – Only the workers who belong to Indian states can be part of the scheme.
  5. Identification –The candidates need to produce suitable identification proof to justify their claim to get the scheme benefits.

List of documents

  • Identification details – The candidate should produce Aadhaar card, voter ID card or ration card that justifies their identity and age detail.
  • Bank account details – One has to produce bank account number, IFSC code, branch details.
  • Contact details – Applicant should give correct mobile number and address.
  • Income certificate – The income certificate shall help the higher authorities to justify the claim of candidates to be part of the scheme.

Therefore, the candidates should furnish documents to ensure that they are native residents of the state and thus eligible for the scheme benefits.

How to apply for PM Shram Yogi Yojana

  1. First, the candidate should visit the Common Service Center.
  2. Now, they have to apply with correct Aadhaar card and bank IFSC details.
  3. The candidate should produce Xerox copy of passbook or bank statement
  4. If a candidate does not have a bank account, they have to open one with a nominee.
  5. After entering correct details, one can get the information in the linked mobile number.
  6. Following this registration, the candidate has to start contributing the money I the scheme monthly.
  7. One will also receive a message upon depositing money in the mobile number.
  8. As they start to get the message, it indicates that the Shram Yogi card has been prepared in the name of the candidate.

The scheme initiated by the Prime Minister will help the families know how to save money for a secure future. So, the government is trying its best to contribute to low-income families and boost their financial lives.

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