Central govt.

has launched Pradhan Mantri Karam Yogi Maandhan (PM-KYM) Scheme to

provide assured monthly pension to retail traders and small shopkeepers. PMKYM universal
social security scheme to provide Rs. 3,000 p.m to traders and shop owners as announced in
Union Budget 2019-20. This pension amount under PM Karam Yogi Maan Dhan Scheme
would be provided on attaining the age of 60 years. Around 3 crore retail traders and shop
keepers would be benefited from PM Karmayogi Mandhan Yojana in India.

India has rich tradition of trade and commerce, so govt. is primarily focusing on traders
betterment which is essential for India’s economic growth. This PM Karam Yogi Maandhan
Scheme will ensure social security of small shop owners whose annual turnover is below Rs.
1.5 crore.

The primary objective of PM Traders Pension Scheme 2019 is to ensure robust architecture
of universal social security

Pradhan Mantri Karam Yogi Maandhan (PM-KYM)

Scheme
Pradhan Mantri Karam Yogi Maandhan Scheme has been launched to cover all small
shopkeepers and traders with turnover below Rs. 1.5 crore. Here are the features and
highlights of PM Modi Retail Traders & Shopkeepers Pension Scheme:-

 Under PM-KYM Pension Scheme, all shopkeepers, retail traders and self-employed
persons would be provided with an assured minimum monthly pension of Rs. 3,000.
 All the traders and small shop owners across the country are entitled for this pension
benefits on attaining the age of 60 years.
 All PM Karam Yogi Maan Dhan Scheme beneficiaries must have annual turnover less
than Rs. 1.5 crore.
 The age of the Pradhan Mantri Karmayogi Mandhan Yojana beneficiary must lie
between 18 to 40 years.
 PM Retail Trader’s Pension Scheme will cover 3 crore small shopkeepers and retail
traders.
 Need for PM Karam Yogi Maan Dhan Scheme
 PM Modi has laid a pension architecture for trading community to assure a life of
dignity, honour and to provide them with financial security during their old age. This
retailers pension scheme named PM Karam Yogi Maan Dhan Scheme is another
major welfare step for the betterment of traders, small and medium business.
Simplification of GST process, Mudra loans, easy business loans upto Rs. 1 crore are
some of the other welfare measures for retail traders and small shop keepers.
 How to Apply for Pension – PM Karmayogi Mandhan Yojana
 All the interested people can enrol themselves for Pradhan Mantri Karmayogi
Mandhan Yojana through more than 3,25,000 Common Service Centres (CSCs)
spread across the country. Central govt. is going to make matching contribution in the
subscribers account. For example – if person of 29 years age contributes Rs. 100 per
month, then central govt. would contribute equal amount as subsidy into subscribers
pension account every month.
Pradhan Mantri Atal Pension Yojana Details

The interim budget has brought many good news for the masses and for people who belong to
the weaker sections of the society along with those who actually need welfare schemes. One
such welfare scheme started by the current government is Atal Pension Yojana.

Atal Pension Yojana is great news for those who are working in unorganized sector and are
not covered under any pension scheme. This way, they would enjoy pension facilities in the
times of old age by paying a very low premium.

Those who are working in small scale industries mostly work on daily wages and thus are not
able to save for their future. The union government started Jan Dhan Yojana scheme which
promised a bank account for every Indian. That was followed by Pradhan Mantri Suraksha
Bima Yojana and Atal Pension Yojana that promised an insurance cover and pension scheme
to needy people respectively.

Atal Pension Yojana was launched by the Finance Minister and would come in to effect as on
01st June 2015. It would carry forward the much popular campaign, Swavalamban Scheme.

Atal Pension Yojana is a scheme started and governed under the PFRDA (Pension Fund
Regulatory and Development Authority) and every enrollment agency that is registered with
the authority would carry out the Atal Pension Scheme.

Eligibility

Any Indian national between the age group of 18 years to 40 years is eligible to join Atal
Pension Yojana. Since, pension starts from the age of 60 years, the minimum contribution
that anyone has to do is at least 20 years.

The individual should have an active saving bank account and should not be a member of any
other statutory social security scheme. Read More for APY Eligibility

Mode of payment of premium under

It is mandatory for all subscribers to have a saving bank account in order to contribute to their
pension scheme. The monthly premium for their pension scheme would be auto-debited from
their saving bank account.

Benefits

As per Atal Pension Yojana, anyone who joins the scheme between the age group of 18 to 40
years is entitled for a pension of Rs 1,000 to Rs 5,000. The sooner an individual joins the
scheme, the more he/she would be eligible for the pension amount, depending on the yearly
contributions done to the pension account. Read More for APY Benefits

Target population

The scheme is best suited for those working as workers in unorganized sector and not
availing any other social security scheme. Thus, they could start investing in little amounts
for the scheme while they are earning and secure their old age to a larger extent. Read More
for Target Audience.

Enrollment Agencies

All Service providers and aggregators which were involved in Swavalamban Scheme would
be assigned the role for enrollment of the scheme.

The scheme is being administered by PFRDA (Pension Fund Regulatory and Development
Authority) and the enrollment would be taken care under the supervision of NPS (National
Pension System).

Other Features

Atal Pension Yojana guarantees a fixed pension to the subscriber. The fixed pension would
be backed by the government and may range anywhere from Rs 1,000 to Rs 5,000. The
government would contribute fifty per cent of the contribution amount or Rs 1,000 annually,
whichevellustrations for Pension under the scheme

We would take an example here for you to better understand the scheme. If a subscriber want
to avail a pension of Rs 1,000 per month after the age of 60 years and is currently at the age
of 18 years, he/she would have to contribute Rs 42 every month. If he/she wants a pension of
Rs 5,000 per month, he/she would have to contribute Rs 210 every month.

On the other hand, if the subscriber wants to avail a pension of Rs 1,000 per month if he is
currently at the age of 40 years, he/she would have to contribute Rs 291 every month and Rs
1,454 if he/she wants to avail a pension of Rs 5,000 per month.
Key features of Pradhan Mantri Shram Yogi Mandhan Yojana

1. Financial security – The main objective of the schemeis to provide proper financial
assistance to the ones belonging to the economically backward section.
2. Pension scheme for candidates – According to the above-said scheme, the labors
from the unorganized sector will be able to open pension account and get their
pension amount deposited in the linked account.
3. Pension amount – After the scheme mature, the applicant will get an amount of 3,
000 on a monthly basis. Therefore, with the help of this the pension will be able to get
rid of any financial problems.
4. Amount to be paid by applicants – According to the regulations of the scheme, the
applicants have to deposit a certain amount on a monthly basis in the linked pension
account. For the applicants who join the scheme at the age of 18 years will give an
amount of rupees 55 up to they reach the age of 60 years.
5. Contribution of government – Along with the worker’s contribution to the pension
chart, the government will also make equal payments on a monthly basis. The total
amount will be given by the government to the applicants upon reaching the age of 60
years.
6. Total beneficiary of the scheme – After successful implementation of the scheme, it
can be estimated to benefit near about 10 crore individuals belonging to the
unorganized sector.
7. Age limit for the scheme – According to the scheme, applicants belonging to 18
years of age can start to deposit money for the money for 40 years.
8. Budgetary allocation – State Minister is of the opinion that the central government
has sanctioned rupees 500 crores for proper implementation of the scheme.

Pradhan Mantri Shram Yogi Mandhan Pension (Premium Amount Chart) :

Monthly
Govt contribution Total
Entry age (In Max age (In contribution per
per month (per Contribution (per
Years) Years) month (per
person) person)
person)
18 60 55 55 110
19 60 58 58 116
20 60 61 61 122
21 60 64 64 128
22 60 68 68 136
23 60 72 72 144
24 60 76 76 152
25 60 80 80 160
26 60 85 85 170
27 60 90 90 180
28 60 95 95 190
29 60 100 100 200
30 60 105 105 210
31 60 110 110 220
32 60 120 120 240
33 60 130 130 260
34 60 140 140 280
35 60 150 150 300
36 60 160 160 320
37 60 170 170 340
38 60 180 180 360
39 60 190 190 380
40 60 200 200 400

Eligibility and documents necessary for Pradhan Mantri Shram Yogi Mandhan Pension
Yojana

 Residents of the country – The pension scheme is also applicable for the applicants
belonging to the state. Therefore, applicants must be legal residents of the nation and
produce documents to claim the same.
 Worker’s category – Workers working in the unorganized sector are allowed to
apply for this scheme. No other workers can apply. Some of the eligible categories are
brick kiln workers, cobblers, landless laborers, washer man and home workers.
 Monthly income criteria – People earning a monthly income of rupees 15,000 or less
are only applicable to apply for the scheme. Therefore, they have to submit their
income certificate to prove the fact.
 Age limit of the workers – The pension benefits can be taken only after they attain
the age of 60 years. People belonging to the age of 18 to 40 years can only apply for
the pension scheme.
 Adhaar card – Workers planning to get benefits of the scheme have to produce their
Aadhaar card and bank account details which will be required for background check.

Documents required for Pradhan Mantri Shram Yogi Mandhan Pension Yojana

 Age certificate – Workers have to produce worker’s certificate to check their age as
the pension scheme is applicable only after they reach the age of 60 years.
 Service certificate – This certificate is required to check whether the person belongs
to the unorganized sector. The pension scheme is not applicable to the ones belonging
to the organized sector.
 Personal details – With the help of personal details, the authority will be able to
check the background of workers. In addition, workers have to produce their Aadhaar
card details as well.
 Bank documents – Bank accounts are required as the pension amount will be
directed created in the linked bank account. The payment will be done via DBT mode.
 Income details– Applicants will get a monthly income of rupees 15,000 or less is
only applicable to apply for the scheme.

How to apply and get registration form under PM Shram Yogi mandhan Yojana?

1. The interested candidates must have Aadhaar cards along with bank account details.
They have to visit the nearby common service center or CSC. They have to produce
the relevant documents along with the aadhar card and bank details.
 2. The officers at the CSC will gather information from the applicant. It is necessary that
the applicant have to submit their age certificate. It will help the officer to know about
the actual age of the applicants and depending on their age. The installment
calculation will be done accordingly. The premium amount of the scheme will depend
on the age of the applicant.
3. The scheme will start after the submission of the relevant document. For the same,
installment amount will be subtracted from the account of the officer posted at the
CSC. After the payment has been done, the applicant has to pay the amount to the
particular officer in cash.
4. After notification of online payment has been updated on the official website of the
scheme, the applicant will get registered as the beneficiary of the scheme. Following
this, a pension code will be given to the applicant. The code has been regenerated
online via the software used in this scheme and it should be kept for future use. The
applicant will receive a receipt with the online code and his signature.
5. After the applicant has signed the form, the CSC officer will scan the required
document. In addition, the officer also has to update the information of the applicant
in the database of the scheme.
6. After this, the officer is responsible to give the pension card under the scheme to the
applicant.
7. The related bank details will be given to the bank authority. After they go through the
documents and confirm the same, the registered applicant will get to know about the
details of their linked account. After the bank service is active, the applicant will start
to receive notification of the same via text and email service.
8. The LICs, ESIC, EPFO officer will help in effective implementation of the service.
The help desks will help the applicants to go through easy registration process of the
scheme.

PM Shram Yogi Mandhan Pension Scheme Exit and Withdrawal

1. It is out of plan for 10 years – The applicant who wants to leave the pension scheme
can do so after a period of 10 years from the time of initiation of the scheme. He has
to apply for the withdrawal from the scheme. The deposited amount will be given to
them along with interest rate according to the decided interest rate.
2. Over 10 years is considered out of plan – When the applicant wishes to leave the
pension scheme after a period of 10 years, the person can get premium amount with
the deposited amount.
3. On death cases (within 60 years) – If the applicant fulfills the premium conditions
and dies in the middle of the plan, his or her spouse are eligible to get the pension
amount. If the spouse wants to discontinue the scheme, they can do it. However, after
leaving it, the person can opt for the deposit amount along with certain interest.
4. If both the applicant and spouse die, the amount will be deposited to the amount of
pension fund.

Benefits to the person with disability

If the person reaches vulnerable just after reaching 60 years and he is unable to pay a
premium amount, the nominee can pay the premium amount for the rest of the time.
Otherwise, the account holder will get the amount with some interest.

On Death after 60 years

When the applicant dies after 60 years, the spouse will get half of the pension amount
deposited. Only the spouse will get the amount. No other family member will be able to get
the pension money.

Therefore, nothing can be better than getting financial security for old age. It helps elderly
people live their lives according to their wish. Therefore, for secured economic needs of the
labors, this scheme will be of immense help for the ones belonging to the unorganized sector.
Since they are poorly paid, the pension amount will help them.