Pradhan Mantri Shram Yogi Maandhan is a voluntary and contributory Pension Scheme for Unorganized Workers for entry age of 18 to 40 years with monthly income of Rs.15000 or less.
The onus of recording the correct details of the customer and validation of customer will be on Common Service Centre e-Governance Services India Limited – Special Purpose Vehicle (CSC-SPV) or the State Nodal Officers (SNOs) under the Pradhan Mantri Kisaan Samman Nidhi (PM-Kisaan) Scheme. If there are any dispute at a later date by the customer on the debits to his/her account, the onus of resolving the dispute to the satisfaction of the customer will entirely rest with LIC.
In case of death of subscriber before vesting date, if the spouse does not exercise option of continuing under the scheme, then subscribers’ contributions along with fund interest earned or Savings Bank Interest whichever is higher would be payable to the spouse under the scheme
In case of death of subscriber before vesting date, if there is no spouse, then subscribers’ contributions along with fund interest earned or Savings Bank Interest, whichever is higher, would be payable to the nominee/s under the scheme. The cocontributions made by Government along with fund interest earned after adjusting for difference between Savings Bank Interest payable and fund interest earned, if any will be credited back to Pension fund of Government.
If a subscriber dies after the date of vesting, his/her spouse shall be entitled to receive 50% of the pension received by such eligible subscriber as Family Pension, provided she/he is not already an SMF beneficiary of the Scheme, and such family pension shall be applicable only to the spouse After death of subscriber as well as of his/her spouse, the corpus i.e. total accumulated contributions made by the subscriber and the Government shall be credited back to the fund.
In respect of those farmers who are not beneficiaries of PM-Kisaan Scheme, the enrollment-cum-auto-debit-mandate form will be generated for taking their consent for auto-debiting their active bank accounts and signed by the subscriber.
The CSC Centres would scan the signed enrollment-cum-auto-debit mandate form and upload the same on the CSC system.
Subsequent to this a pension card would be generated and given to subscriber as proof of pension account having been opened.
Every appointment / nomination to be made under this Rule shall be in writing signed by the subscriber and shall remain in full force and effect until the death of the Beneficiary or until the same will be revoked in writing by the subscriber by whom the same was made and a fresh appointment / nomination is made in the manner aforesaid.
A subscriber may from time to time or at any time without the consent of the nominee, if any, revoke or change the nominee by filling a written notice of the change online or at the CSC in the prescribed form whereupon an acknowledgement of the change and the registration of the name of the new Nominee will be given to the subscriber online / at the CSC. The New appointment shall take effect on the date the notice was signed whether or not the subscriber is living on the date of acknowledgement of the change without prejudice to the Corporation on account of any payment made before the acknowledgement of the change.
If a Nominee shall at the time of his appointment be a minor or otherwise under disability to give a legal receipt or discharge to the LIC the subscriber must at the time of such appointment as aforesaid appoint a person who is major and who iscapable of giving a legal receipt or discharge to the Corporation and to whom the benefits are to be paid for and on behalf of such Nominee so long as such minority or disability continues.
If more than one Nominee is appointed and in such appointment the Subscriber has failed to specify their respective interest, the Nominees so named shall share equally. If any designated Nominee predeceases the Subscriber the interest of such Nominee shall terminates and his share shall be payable equally to such of the remaining Nominees as survive the Subscriber unless the Subscriber has made written request otherwise to the LIC in the prescribed form.
The overall implementation of the Scheme would be done by the Project Monitoring Unit (PMU) set up for PM-Kisaan Scheme at Central level in the DAC&FW. The PMU shall also undertake publicity campaign (Information, Education and Communication-IEC) for the Scheme and also incur various administrative expenses.
Each State/UT Government will designate a Nodal Department for implementation of the scheme and coordinating with Central Government with regard to implementation of the Scheme.
A Grievance Redressal Cell shall be set up both at State and District Levels accordingly with representation of State Nodal Officers, State Level Bankers’ Committee and Regional Manager, LIC. Similarly, District Levels shall have DLBC and LIC Representatives along with District level Government Officers.
All disputes to the extent of and limited to the transactions routed through National Automated Clearing House (NACH) system should be routed by the banks through the Dispute Management System (DMS) provided by NPCI. The disputes so raised on the Sponsor Bank shall be resolved within 30 days from the date of dispute. If the Sponsor Bank fails to respond / resolve the dispute within agreed time line, the disputed amount will be debited to the settlement account of the Sponsor Bank maintained with Reserve Bank of India (RBI).
Any disputes other than that detailed above shall be resolved by LIC, Sponsor Bank and the Ministry without any liability on the other participating stakeholders.
Any matter related to execution, grievance redressal, dispute resolution etc. may be referred to the Joint Secretary (Farmers Welfare), Department of Agriculture, Cooperation and Farmers Welfare, Ministry of Agriculture & farmers Welfare, Krishi Bhavan, New Delhi – 110001.
Pradhan Mantri Vyapari Maandhan Yojana is a voluntary and contributory Government Pension Scheme for Vyaparis, retail traders, shopkeepers and self-employed persons, with annual turn-over not exceeding Rs.1.5 crore. Entry age is 18 to 40 years. The scheme is implemented by Ministry of Labour & Employment, Government of India. The scheme has been notified vide its S.O 2615E, dated 22.02.2019.
Any retail trader, shopkeepers and self-employed person with annual turn-over not exceeding Rs.1.5 crore, in the age group of 18-40 year can subscribe this Scheme. They should not be an income tax payer or a member of National Pension Scheme (NPS - GOVT FUNDED), Employees’ State Insurance Corporation scheme (ESIC) and Employees’ Provident Fund Organization (EPFO) and Pradhan Mantri Shram Yogi Maandhan.
Under the Scheme, a minimum monthly assured pension of Rs. 3000/- will commence after the subscriber attains the age of 60 years.
Under the scheme, the subscriber may visit the nearest Common Service Centre and get enrolled in the scheme using her/his Aadhar number and savings bank account/Jan-Dhan account number on self-certification basis. Nearest Common Service Centres (CSCs) can be located at locator.csccloud.in/.
You may visit the nearest Common Service Centre for enrolment. One can locate the nearest CSCs at locator.csccloud.in/. Or You may enroll yourself on the portal https://maandhan.in
Self-Certification and age as in Aadhaar card will be the basis for enrollment. However, any change of date of birth will not be allowed later.
Exit provisions are as under:
Under the scheme, primary mode of contribution is on monthly basis through auto-debit from bank account. However, first month contribution is to be made in cash at CSC. Subscriber also has option to pay his/her contribution quarterly, half yearly or yearly.
The actual amount of the subscriber’s contribution depends upon subscriber’s entry age and remains fixed through till the age of 60 years. Contribution table can be seen.
Yes. Monthly subscription shall be automatically debited on a fixed date of every month from her/his linked savings account. Only, first subscription will be paid in cash for which receipt will be provided by concerned CSCs/VLEs.
The scheme is being administered by Ministry of Labour and Employment. JS & Director General (Labour Welfare) is the Nodal Officer of the scheme.
There is no administrative cost to the subscriber as it is a Social Security Scheme of the Government of India. The enrolment under the Scheme is free for subscribers.
Yes, there is a provision for family pension under the scheme. It is applicable only to the spouse of the subscriber. If the subscriber dies, after the pension has commenced, the spouse of the beneficiary shall be entitled to receive 50 % of the pension.
There is no loss to the subscriber at any point of time. Even if the subscriber exits the scheme at any time before 60 years of age, his entire contribution will be refunded with interest, as per the guidelines of the Scheme.
If the payment of subscription has been stopped or delayed, the subscriber can revive the scheme after paying the outstanding subscription with a nominal interest as decided by the Government.
In such an event, the subscriber will be paid back only his/her portion of total contribution with savings’ bank rate interest. She/he will not be entitled to receive the Government’s share.
If an eligible subscriber exits after completion of a period of ten years or more from the date of joining the scheme but before the age of sixty years, then her/his share of contribution only shall be returned to her/him along with accumulated interest thereon as actually earned by the pension fund or the interest at the savings bank interest rate thereon, whichever is higher.
In such cases, if a subscriber has given regular/default contribution and died due to any cause, her/his spouse will be entitled to join and continue the scheme subsequently by payment of regular contribution for the remaining period. On completion of the contribution period, the spouse will receive a monthly pension of Rs. 3000/-. Alternatively, if the spouse so desires, the amount of the member’s contribution with interest will be returned back to the spouse as per the guidelines of the Scheme.
No. The subscriber can make only fixed amount of contribution, as determined at the time of joining of the Scheme and as per the table in the scheme notification. Table is also annexed.
No such relaxation is available under the provision of the Scheme.
If an eligible subscriber makes a default in the payment of any contribution to be payable by her/him under this scheme, then she/he shall be allowed to regularize the contribution by paying the entire outstanding dues, along with interest at the rate as determined by the Ministry of Labour & Employment from time to time. Detailed guidelines will follow.
During the receipt of pension, if the subscriber dies, the spouse shall be entitled to receive 50% of the pension received by the beneficiary as family pension.
No such loan facility is available in the Scheme.
Yes. There is no such bar.
No. Any beneficiary, who is a member of Pradhan Mantri Shram Yogi Maandhan, is not eligible to join this Scheme.
Even if a subscriber is a member of Atal Pension Yojana or State-run Pensions like NSAP, Fisherman Pension Scheme, Municipality-run Pension Scheme or any other pension scheme, it will not bar her/him from availing this Scheme.
At present, the minimum assured pension is Rs. 3000/- per month. Enhancement of the quantum of pension, if any shall depend on the future policies/ earnings of the fund.
In order to provide online support or help to the subscriber, on the directions of Ministry of Labour and Employment, LIC has set up a dedicated toll free Call Centre 1800-2676-888. It is available 24X7.
No facility of partial withdrawal of contribution is available.
In case of loss, the Vyapari Pension card can be downloaded from the Portal free of cost or it can be got printed from CSC as per the charges fixed.
In such cases, no migration is required. Under the Scheme, subscriber can update the new Bank account number in her or his Pension account by visiting any CSC. Subscriber has to carry the savings bank account pass book, under her/his name.
It will be considered as default in payment and she/he will be allowed to regularize her/his contribution by paying entire outstanding dues, along with interest as decided by the Government (Ministry of Labour and Employment) from time to time. The banks may levy a penalty of Rs 10/- in such cases.
Submission of photograph at the time of registration is not required.
The Scheme is being administered by the Ministry of Labour and Employment in association with the LIC and CSC. Joint Secretary & Director General, Labour Welfare is the Nodal Officer of the Scheme. Therefore, in case of any clarification, one can contact Joint Secretary & DGLW, Ministry of Labour and Employment, Jaisalmer House, Mansingh Road, New Delhi-110011.
All these subscriber can continue to be part of PM-VYM scheme.
The subscriber should exit PM-VYM on becoming a member of Government funded NPS.
Yes, provided the co-operative bank is on the CBS platform, the savings’ bank account can be linked for auto debit.
Note: Any provisions on the implementation of the Scheme covered in the Pradhan Mantri Shram Yogi Maandhan Yojana, but not covered in the Pradhan Mantri Vyapari Maandhan Yojana, shall also be applicable to the Pradhan Mantri Vyapari Maandhan and vice versa.