Pradhan Mantri Laghu Vyapari Maan-dhan Yojana

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News:

Prime Minister has launched the Pradhan Mantri Laghu Vyapari Maan-dhan Yojana 2019.

Facts:

About Pradhan Mantri Laghu Vyapari Maan-dhan Yojana

  • It is a pension scheme for retailers and small traders.
  • It assures a minimum monthly pension of ₹3000 per month to small shopkeepers, retail traders and the self-employed people after attaining the age of 60 years.
  • They have to contribute to the scheme every month from the time of enrolment and till age 60 for getting the pension. Further, the Government of India will make matching contribution in the subscribers’ account.
  • Eligibility:
    • The scheme is available to all small shopkeepers and self-employed persons and retail traders with Goods and Services tax (GST) turnover below Rs. 1.5 crore. The age limit is 18-40 years.
    • Further, to be eligible, the applicants should not be covered under the National Pension Scheme, Employees’ State Insurance Scheme and the Employees’ Provident Fund or be an Income Tax assesse.
  • The scheme is based on self-declaration. No documents are required except Aadhaar and bank account.
  • Interested persons can enrol themselves through Common Service Centres (CSC) spread across India.
  • Implementation:
    • Government will establish a pension fund to implement the scheme. The Life Insurance Corporation of India (LIC) will be the pension fund manager.
    • LIC will be responsible for managing the pension fund, central record keeping, and responsible for pension pay out.