The Pradhan Mantri Karmayogi Mandhan Yojana (PMKMY) is a welfare initiative launched by the central government in 2019 to provide financial security to small traders, shopkeepers, and individuals in the unorganized sector.
This scheme is designed to ensure a stable monthly income post-retirement, empowering the working class to live with dignity in their later years.
Overview of the PM Karmayogi Mandhan Yojana
The PM Karmayogi Mandhan Yojana is a contributory pension scheme aimed at providing a monthly pension of ₹3,000 to beneficiaries after they reach the age of 60.
It is targeted at small traders, shopkeepers, and individuals with an annual turnover of up to ₹1.5 crore. Beneficiaries contribute a nominal amount during their working years, which is matched by the central government.
Key Features of PM Karmayogi Mandhan Yojana
- Guaranteed Monthly Pension
Beneficiaries receive a fixed monthly pension of ₹3,000 after turning 60, amounting to ₹36,000 annually. - Government Contribution
The government matches the beneficiary’s monthly contribution to ensure the pension fund’s growth. - Affordable Contribution
Contributions are designed to be affordable, with rates varying based on the age of entry. - Direct Benefit Transfer (DBT)
The pension amount is directly credited to the beneficiary’s Aadhaar-linked bank account.
Eligibility Criteria
To enroll in the PM Karmayogi Mandhan Yojana, applicants must meet the following conditions:
- Age: 18–40 years old
- Annual Turnover: Up to ₹1.5 crore
- GST Registration: Mandatory for traders and shopkeepers
- Citizenship: Indian citizen
How to Apply for PM Karmayogi Mandhan Yojana
Online Process:
- Visit the CSC Portal:
Log on to the official Common Service Center (CSC) Portal or visit your nearest CSC center. - Provide Necessary Details:
Submit your Aadhaar card, GST number, passport-sized photograph, and Aadhaar-linked bank account details. - Premium Payment:
Based on your age, pay the premium amount ranging from ₹55 to ₹200 per month. - Verification & Activation:
The CSC agent will assist in completing the application process. Upon verification, your enrollment will be activated.
Offline Process:
Applicants can visit their nearest CSC center to fill out the application form and complete the registration process.
Contribution Details
The contribution amount depends on the beneficiary’s age at the time of enrollment. The earlier one joins, the lower the premium.
| Age | Monthly Contribution (₹) | Government Contribution (₹) |
|---|---|---|
| 18 | 55 | 55 |
| 25 | 80 | 80 |
| 30 | 120 | 120 |
| 35 | 170 | 170 |
| 40 | 200 | 200 |
Documents Required for Registration
To register for the PM Karmayogi Mandhan Yojana, the following documents are mandatory:
- Aadhaar Card
- GST Registration Number
- Bank Account Linked with Aadhaar
- Passport-Sized Photograph
Benefits of PM Karmayogi Mandhan Yojana
- Financial Security Post-Retirement:
A fixed monthly income ensures financial independence after retirement. - Affordable and Inclusive:
Designed for individuals in the unorganized sector with minimal contributions. - Government Support:
Equal contribution from the government helps build a significant pension fund. - Ease of Enrollment:
Simple and straightforward application process via CSC centers. - DBT Mechanism:
Ensures hassle-free pension distribution directly to beneficiaries’ bank accounts.
Why Should You Enroll?
The PM Karmayogi Mandhan Yojana is an excellent initiative for individuals in the unorganized sector who often lack access to formal financial savings plans. With minimal contributions and the backing of the central government, it provides a secure future for traders, shopkeepers, and self-employed individuals.
Important Points to Note
- Enrollment is only open for individuals aged between 18 to 40 years.
- The pension starts only after the beneficiary reaches 60 years of age.
- Contributions vary with the age of joining, ensuring affordability.
- The scheme is linked to Aadhaar for transparency and ease of fund transfer.
The PM Karmayogi Mandhan Yojana is a transformative step toward ensuring financial security for small traders and shopkeepers. With its affordable contributions and government backing, the scheme offers a reliable safety net for individuals in their post-retirement years.
By enrolling in this initiative, beneficiaries can secure their future and enjoy peace of mind knowing they have a guaranteed source of income after 60.
Who is eligible for the PM Karmayogi Mandhan Yojana?
Applicants aged 18–40 years with an annual turnover of up to ₹1.5 crore and GST registration are eligible.
How much monthly pension is provided under this scheme?
Beneficiaries receive ₹3,000 per month after turning 60.
What is the premium amount for enrolling in the scheme?
Premiums range from ₹55 to ₹200 per month, depending on the age of entry.
