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Pension scheme for small traders yet to kick off
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
- The Pradhan Mantri Laghy Vyapari Mann-Dhan scheme was among the promises of the was among the proposals cleared in the first Cabinet meeting.
- On July 22, the scheme was notified by the Labour Ministry, making it applicable from that date.
- 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.
- About the scheme:
- 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.
- An online portal for applicants would be rolled out for applicants.
- Applicants can also apply through the 3.5 lakh common service centres.
- 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.
- 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.
- An 18-year-old would have to pay ₹55 a month, while a 40-year-old would need
- to pay ₹200 a month.
- The government would match the monthly contribution.
- Also, government will establish a pension fund to run the scheme
Source
The Hindu.