Why is it in the news?
- The labour ministry notified the pension scheme ‘Pradhan Mantri Laghu Vyapari Maan-dhan Yojana’ for small traders.
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The scheme has been notified and is being introduced on a trial basis before PM formally launch it.
More about the Scheme
Pradhan Mantri Laghu Vyapari Maan-dhan Yojana:
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The scheme assures minimum monthly pension of Rs 3,000 to all small traders and self employed persons after attaining the age of 60 years.
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An online portal for applicants would be rolled out for applicants.
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Applicants can also apply through the 3.5 lakh common service centres.
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Small traders between 18 and 40 years of age, having an annual turnover of less than ₹1.5 crore would qualify to apply for the scheme.
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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.
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An 18-year-old would have to pay ₹55 a month, while a 40-year-old would need to pay ₹200 a month.
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The government would match the monthly contribution.
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Also, government will establish a pension fund to run the scheme.
Source
The Hindu.