Pradhan Mantri Maandhan Yojana (PMMY) is a government-backed pension scheme for the unorganized sector workers in India. It was launched in September 2019 and aims to provide social security to workers in the age group of 18 to 40 years, who belong to the lower-income group and do not have access to any formal or structured retirement scheme.
Under this scheme, eligible workers will receive a minimum monthly pension of Rs. 3000 after attaining the age of 60 years, subject to their contribution to the scheme. The contribution will be made through a monthly auto-debit from the subscriber’s savings account, with an equal amount being contributed by the government.
To avail the benefits of PMMY, the subscriber needs to enroll in the scheme through the nearest CSC (Common Service Centre) or the authorized office of the LIC (Life Insurance Corporation of India). The subscriber will be provided with a PMMY card which will contain the subscriber’s unique identification number.
One of the significant benefits of PMMY is that it is entirely portable. It means that the subscriber can transfer his/her account to any location of their choice, and the accumulated amount of the contribution will be transferred along with it. Moreover, if the subscriber dies before attaining the age of 60 years, the spouse of the subscriber will continue to receive the pension benefit.
In overall terms, the Pradhan Mantri Maandhan Yojana is a significant pension scheme designed to secure the future of the unorganized sector workers in India. It offers a reliable and cost-effective retirement plan, which can provide long-term financial security for the subscribers. It is an excellent initiative by the government to provide a safety net of social security to the people who are often regarded as the most vulnerable members of the society.