New Delhi: Looking for a steady income after retirement without relying on savings alone? The Central government’s Pradhan Mantri Shram Yogi Maandhan Yojana offers a guaranteed monthly pension of ₹3,000 to workers in the unorganised sector, providing a crucial financial safety net in old age.

Launched in 2019, the scheme targets millions of low-income workers and aims to ensure income security after the age of 60 through a simple, contributory pension model.

What is the scheme and how does it work?

Under the scheme, eligible workers contribute a small monthly amount during their working years. The government matches this contribution, effectively doubling the savings.

Once the subscriber turns 60, they start receiving a fixed pension of ₹3,000 per month, offering financial stability in retirement.

The earlier you join, the lower your monthly contribution, making it more affordable for young workers.

Who can benefit from this scheme?

The scheme is designed for workers in the unorganised sector, including:

Street vendors

Rickshaw pullers

Domestic workers

Agricultural labourers

Cobblers, washermen, and rag pickers

Eligibility criteria:

  • Age between 18 and 40 years
  • Monthly income of ₹15,000 or less
  • Must not be an income taxpayer
  • Should not be covered under schemes like EPFO, ESIC, or NPS

How to get ₹3,000 monthly pension

To start receiving the pension, eligible individuals must enrol in the scheme and contribute regularly.

Steps to enrol:

  1. Visit a nearby Common Service Centre (CSC) or the official portal
  2. Provide Aadhaar card and bank account details
  3. Complete biometric verification
  4. Pay the first contribution
  5. Activate auto-debit for monthly payments
  6. Receive your pension card after successful registration

What happens in case of exit or death?

The scheme also includes provisions to protect families:

  • If the subscriber dies before 60, the spouse can continue the scheme or withdraw funds
  • If the subscriber exits early, their contribution is returned with interest (conditions apply)
  • If the subscriber dies after 60, the spouse receives 50% of the pension as family pension

With a large section of India’s workforce employed in the unorganised sector and lacking formal retirement benefits, this scheme provides a simple yet effective way to ensure financial security in old age.