Why is it in the news?
- The Centre’s pension scheme for small traders, is yet to start, according to Union Labour and Employment Ministry officials.
More in the news
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The Pradhan Mantri Laghy Vyapari Mann-Dhan scheme was among the promises of the was among the proposals cleared in the first Cabinet meeting.
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On July 22, the scheme was notified by the Labour Ministry, making it applicable from that date.
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A checklist for the scheme on the Ministry’s site shows that “commencement of the scheme” and “launch of the scheme” are yet to take place.
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About the scheme:
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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
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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
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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.