New Pension Plan : The Government of India has introduced a new pension initiative under the PM Vishwakarma Yojana, aiming to provide financial stability to traditional artisans and craftsmen. This welfare-oriented scheme ensures a guaranteed monthly pension of ₹3,000 after the age of 60 to eligible beneficiaries. With its pro-poor structure, this scheme stands as a major relief for lakhs of workers in the unorganised sector.
Let’s explore the features, eligibility, application process, and detailed benefits of this new pension plan under the Vishwakarma Scheme.
New Pension Plan : What Is the PM Vishwakarma Pension Scheme?
The PM Vishwakarma Pension Scheme is a central government initiative launched to uplift and provide old-age financial security to traditional craftsmen, artisans, and workers in informal sectors.
Key Features:
- Monthly pension of ₹3,000 after 60 years of age
- Financial support from both the central government and workers
- Applicable for 18 traditional trades such as carpenters, cobblers, masons, etc.
- Easy online registration and biometric-based authentication
- Scheme run under Ministry of Micro, Small and Medium Enterprises (MSME)
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Eligibility Criteria for Vishwakarma Pension Yojana
To benefit from the ₹3,000 monthly pension under the scheme, applicants must fulfill the following conditions:
- Must be a citizen of India
- Age between 18 to 40 years at the time of enrollment
- Belong to any of the 18 notified traditional trades
- Should not be a taxpayer
- Must have a Jan Dhan/Bank account
- Aadhaar and mobile number must be linked
List of Eligible Professions Under the Scheme
| S.No | Traditional Craft or Trade | Description |
|---|---|---|
| 1 | Carpenter | Woodwork and furniture making |
| 2 | Blacksmith | Metal work, tools, and equipment |
| 3 | Goldsmith | Jewellery making |
| 4 | Potter | Earthenware and clay items |
| 5 | Cobbler | Footwear repair and creation |
| 6 | Barber | Haircutting and grooming services |
| 7 | Tailor | Stitching and sewing services |
| 8 | Washerman (Dhobi) | Laundry and ironing services |
Financial Structure and Contribution Details
The pension system is based on co-contributions by both the government and the beneficiary:
| Age of Entry | Monthly Contribution by Worker | Govt Contribution | Pension Amount After 60 |
|---|---|---|---|
| 18 years | ₹55 | ₹55 | ₹3,000 per month |
| 20 years | ₹73 | ₹73 | ₹3,000 per month |
| 25 years | ₹100 | ₹100 | ₹3,000 per month |
| 30 years | ₹150 | ₹150 | ₹3,000 per month |
| 35 years | ₹210 | ₹210 | ₹3,000 per month |
| 40 years | ₹289 | ₹289 | ₹3,000 per month |
Note: The contributions are auto-debited from the beneficiary’s bank account every month.
How to Apply for PM Vishwakarma Pension Scheme?
Eligible beneficiaries can apply via the following steps:
- Visit the official Vishwakarma Yojana portal
- Register using your Aadhaar-linked mobile number
- Fill in personal, bank, and occupational details
- Upload required documents like Aadhaar, income proof, etc.
- Biometric authentication at CSC (Common Service Centre)
- Contribution will start upon successful verification
Documents Required for Registration
- Aadhaar card (linked with mobile)
- Bank passbook or account details
- Birth certificate or age proof
- Caste certificate (if applicable)
- Proof of profession (certificate/letter from panchayat or local body)
- Passport size photo
Major Benefits of Vishwakarma Pension Yojana
- Guaranteed pension of ₹3,000/month after age 60
- No tax liability on pension amount
- Empowerment of traditional workers
- Reduction in old-age financial dependency
- Transparent and biometric-linked process
- Direct benefit transfer to bank accounts
Comparison With Other Government Pension Schemes
| Scheme Name | Monthly Pension | Age of Entry | Government Contribution | Sector Targeted |
|---|---|---|---|---|
| PM Vishwakarma Yojana | ₹3,000 | 18-40 yrs | Yes | Traditional Artisans |
| Atal Pension Yojana (APY) | ₹1,000–₹5,000 | 18-40 yrs | Yes | All citizens |
| National Pension Scheme (NPS) | Market-linked | 18-65 yrs | Partially | Salaried/Private |
| Indira Gandhi Old Age Pension | ₹200–₹500 | 60+ yrs | No | BPL Elderly Citizens |
Why You Should Apply Immediately
- The Vishwakarma scheme is currently open for enrollment and could have limited budget allocation.
- Early application ensures higher benefits due to smaller monthly contributions.
- It helps build a retirement plan for informal workers who usually don’t have EPFO or pension coverage.
Frequently Asked Questions (FAQs)
1. Can women artisans apply for the Vishwakarma pension?
Yes, the scheme is open to both men and women engaged in eligible traditional trades.
2. Can I exit the scheme early?
Yes, but the refund rules vary depending on the duration of contributions. Early withdrawal may attract partial refunds.
3. Is there any medical coverage under the scheme?
No, this is a pension-only scheme. However, applicants can simultaneously avail of Ayushman Bharat for health benefits.
4. How is the pension disbursed?
After the age of 60, the pension amount is directly credited to the registered bank account every month.
The PM Vishwakarma Pension Scheme is a golden opportunity for workers in India’s traditional sectors to secure a stable post-retirement income. With minimal monthly contributions and guaranteed payouts, the scheme aligns with the government’s vision of financial inclusion and social welfare. Eligible beneficiaries are advised to register at the earliest to maximize long-term benefits and ensure economic dignity in old age.
This article is intended for informational purposes only. Applicants are advised to refer to the official government portal for updates and accurate guidelines before applying.
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