Save just ₹2 daily and get a guaranteed monthly pension of ₹3,000—say goodbye to worries about old age..

Private sector employees, daily wage laborers, and those running small businesses often worry about how they will cover their expenses in old age when they can no longer work, as they lack the pension benefits enjoyed by government employees.

However, to address this major concern of the common man, the Modi government is running an excellent scheme: the Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM). The standout feature of this scheme is that you need to save only ₹55 per month (less than ₹2 a day), and upon reaching the age of 60, you will receive a guaranteed monthly pension of ₹3,000.

What is the Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM)?
It is an excellent pension scheme launched by the Government of India for workers in the unorganized sector. Under this scheme, if you deposit a small amount monthly based on your age, the government guarantees a lifelong pension of ₹3,000 per month (₹36,000 annually) after your retirement at age 60.

The government also contributes an equal amount.
The biggest advantage of this scheme is that for every rupee you deposit monthly, the government contributes an equal amount to your pension account. For instance, if your installment is ₹55, the government will also deposit ₹55 into your account from its own funds each month.

Who can avail the benefits of this scheme?
This scheme is specifically designed for the common man. To benefit from it, you must be between 18 and 40 years of age. Additionally, your monthly income must be ₹15,000 or less.

Regarding your profession, you must belong to the unorganized sector. Eligible individuals include street vendors, rickshaw pullers, construction workers, tailors, cobblers, washermen, and domestic help (maids). You must not already be a member of any other government pension or PF scheme (such as EPFO, NPS, or ESIC) and must not be an income tax payer.

How much money needs to be deposited?
Your installment (premium) under the scheme is determined by the age at which you join.
1. If you start investing at the age of 18, you will need to deposit ₹55 per month.
2. If you start investing at the age of 29, you will need to invest ₹200 per month.

Disclaimer: This content has been sourced and edited from Dainik Jagran. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.