Centre notifies pension scheme for small traders

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  1. The Union Labour and Employment Ministry has notified the Pradhan Mantri Laghu Vyapari Maan-dhan Yojana 2019. It is a pension scheme for retailers and small traders.
  2. The pension scheme 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 once they have contributed to the scheme every month from the time of enrolment and till that age.
  3. Further, the Government of India will make matching contribution in the subscribers’ account
  4. The scheme is available to all small shopkeepers and self-employed persons as well as the retail traders with Goods and Services tax (GST) turnover below Rs. 1.5 crore and age between 18-40 years.
  5. 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 assessee.
  6. The scheme is based on self-declaration as no documents are required except Aadhaar and bank account.
  7. Interested persons can enrol themselves through Common Service Centres (CSC) spread across the country