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PM launches pension schemes
Why is it in the news?
- Prime Minister dedicated to the nation an ambitious pension scheme for Small traders and the farmers.
Schemes
Pradhan Mantri Laghu Vyapari Maan-dhan Yojana:
- 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.
Pradhan Mantri Kisan Mandhan Yojana:
- Farmers between 18 and 40 years of age will get Rs 3,000 monthly pension after reaching 60.
Source
The Hindu.