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The government has notified the eligibility criteria for the mega pension scheme - Pradhan Mantri Shram Yogi Maan-dhan - announced in the budget 2019 for unorganised sector worker
1. The scheme will come into force from 15 February, 2019
2.home- based workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, rickshaw pullers, landless labourers, own account workers, agricultural workers, construction workers, beedi workers....
3. To join the mega pension scheme, the monthly income of unorganised worker should not exceed Rs 15,000. The eligible person should have a savings bank account and Aadhaar number.
4. The age of worker should not be less than 18 years and not more than 40 years of age.
5. A worker will not be eligible if he/she is already a member of other pension schemes - NPS where contribution is also made by the Central Government or Employee State Insurance Corporation Scheme or Employee Provident Fund or he is an income tax assessee.
6. In case of default on payment contributions, the eligible subscriber will be allowed to regularise his/her contributions by paying the outstanding dues along with interest. The interest will be determined by the Government of India.
7. If the subscriber wishes to exit the scheme, within ten years of date of joining, then only his share of contribution will be returned to him along with savings bank interest rate.
8. If the subscriber exists after the completion of ten years in the scheme but before the age of sixty years, then he shall get higher of his share of contribution along with the accumulated interest actually earned by the pension scheme or bank savings account interest rate .
9.If eligible subscriber dies due to any cause, then spouse shall have an option to continue the scheme by making regular contribution or exit the scheme by receiving share of contribution paid by subscriber along with accumulated interest or SB interest rate, whichever is higher
10. 10. Post the death of subscriber and the spouse, the corpus will be credited back to the fund.
11. case subscriber becomes permanently disabled before age of sixty and unable to contribute , then he has option to exit scheme by receiving his share of contribution along with interest actually earned by pension scheme or SB interest rate, whichever is higher
12. Another option is that spouse will be allowed to continue to contribute to the scheme subsequently by payment of regular contribution
13. During the years when pension is received by subscriber, if he/she dies, then spouse shall be eligible to receive 50 per cent of the pension received by the subscriber. Children of the subscriber will not be allowed to receive any pension benefit after his/her death.
14. The minimum monthly pension assured in the scheme is Rs 3000 which will be paid to the subscriber after attaining the age of 60 years.
15. Given below are the amount of contribution to be made by the worker as per his/her age:
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