Which Indian scheme aims to provide a pension to unorganized workers, assuring a minimum pension of Rs. 3,000 per month after the age of 60 years ?

Correct option is D

Correct Answer: (d) Pradhan Mantri Shram Yogi Maandhan

Explanation:
The Pradhan Mantri Shram Yogi Maandhan (PMSYM) is a government scheme designed to provide a minimum assured pension of ₹3,000 per month to workers in the unorganized sector after they attain the age of 60 years. This scheme aims to ensure financial security for those who do not have access to formal pension benefits.

Knowledge Booster:
● Eligibility: Workers in the unorganized sector earning less than ₹15,000 per month and aged between 18 to 40 years.
● Contribution: Beneficiaries contribute a nominal amount monthly, ranging from ₹55 to ₹200, based on their entry age. The government contributes an equal amount to the pension fund.
● Minimum Pension: ₹3,000 per month after 60 years of age.
● Target Beneficiaries: Street vendors, small farmers, construction workers, and others in informal employment.
● Implementation: Managed by the Ministry of Labour and Employment with LIC (Life Insurance Corporation) as the fund manager.

Additional Information:
● Pradhan Mantri Vaya Vandana Yojana (Option a): A pension scheme for senior citizens (aged 60+), providing assured returns and operated by LIC.
● National Pension System (Option b): A voluntary retirement savings scheme open to both organized and unorganized sectors but not limited to a pension of ₹3,000 per month.
● Pradhan Mantri Jeevan Jyoti Bima Yojana (Option c): A life insurance scheme offering coverage of ₹2 lakhs for an annual premium of ₹330, unrelated to pensions.