Government of India is set to launch Pradhan Mantri Laghu Vyapari Man-Dhan scheme.It is a pension scheme for retailers and small traders.
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.
Further, the Government of India will make matching contribution in the subscribers’ account
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 aged between 18-40 years.
To be eligible applicants should not be covered under the (a)National Pension Scheme (b)Employees’ State Insurance Scheme and the (c)Employees’ Provident Fund or (d)be an Income Tax assessee.
The scheme is based on self-declaration as no documents are required except Aadhaar and bank account.Interested persons can enrol through Common Service Centres (CSC) spread across the country
The scheme would target enrolling 25 lakh subscribers in 2019-2020 and 2 crore by 2023-2024.