Context: Recently, 46 lakh unorganized workers have been registered under the Pradhan Mantri Shram Yogi Maan-dhan pension scheme.
About the Scheme

• Launched by: Ministry of Agriculture & Farmers Welfare and Ministry of Labour & Employment in 2019.
• Implementation through: Life Insurance Corporation of India (LIC) and CSC eGovernance Services India Limited (CSC SPV). 
• LIC is the Pension Fund Manager and responsible for Pension pay out. 

Aim

• To provide old age protection in the form of a monthly pension.
• To provide social security for Unorganised Workers.

Benefits

• Under this scheme, a minimum assured monthly pension of Rs 3000 will be provided to the unorganized workers after attaining the age of 60 years.
• If the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension as a family pension.
• It is Voluntary and Contributory Pension Scheme. In this, 50% prescribed age-specific contribution is made by the beneficiary and the matching contribution by the Central Government.

Eligibility

• Should be an unorganized worker (UW)
• Entry age between 18 and 40 years
• Monthly Income Rs 15000 or below

Should Not be

• Engaged in Organized Sector (membership of EPF/NPS/ESIC)
• An income taxpayer

Should be having

• Aadhar card
• Savings Bank Account / Jan Dhan account number with IFSC