Pradhan Mantri Pension Yojana 2019 – An Overview
Pradhan Mantri Pension Yojana (PMPY) is a social security scheme launched by the Indian government in 2019, aimed at providing financial security to the people in their old age. The scheme was launched on 9th of May 2019 by the government under the leadership of Prime Minister Narendra Modi. The primary objective of the scheme is to provide financial support to the people for their retirement and old age, to ensure a comfortable life after retirement.
The scheme provides a guaranteed minimum pension of Rs. 3,000 per month to the eligible individuals on attaining the age of 60. The pension is given to the senior citizens who do not have any other means of income or support. The scheme is available to the people in the unorganised sector and aims to provide them with an assured income in their old age.
Eligibility and Coverage under PMPY
The scheme provides financial help to the people who fall in the age bracket of 18 to 40 years. Any citizen of India who belongs to the unorganised sector or working in the informal sector is eligible for PMPY. The applicant must not be a member of any social security scheme to avail of the benefits of this scheme.
The scheme covers all individuals in the unorganised sector, including agricultural workers, construction workers, street vendors, domestic workers, and others who work in small businesses and do not have any retirement benefits. The scheme also covers people who are self-employed, working in cottage industries, and those who earn daily wages.
Features of PMPY
The scheme offers several features that make it an attractive investment for the eligible individuals. Some of the features of the scheme are:
– The scheme provides a minimum monthly pension of Rs. 3,000 to the beneficiaries after attaining the age of 60.
– The pension amount will be transferred directly to the bank account of the beneficiaries.
– The scheme is voluntary, and the applicants can choose to enroll themselves by submitting the necessary documents and fulfilling the eligibility criteria.
– The scheme offers a hassle-free application process and easy enrolment.
– The scheme is portable, and if the beneficiaries migrate to another place, the scheme’s benefits can be accessed from the new location.
Conclusion
Pradhan Mantri Pension Yojana is an excellent initiative by the Indian government to provide financial support to the unorganised sector of the economy. The scheme aims to provide a minimum assured pension to the eligible individuals and help them live a comfortable life in their old age. The scheme’s affordability and simplicity make it an attractive proposition for the people in the unorganised sector to enrol themselves and avail of its benefits. The scheme can go a long way in reducing the financial insecurity of the people in their old age and providing them with the dignity they deserve.