Pradhan Mantri Laghu Vyapari Maan-dhan Yojana

Why is it in the news?
  • The labour ministry notified the pension scheme 'Pradhan Mantri Laghu Vyapari Maan-dhan Yojana' for small traders.
  • 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:
  1. 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.
  2. An online portal for applicants would be rolled out for applicants.
  3. Applicants can also apply through the 3.5 lakh common service centres.
  4. 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.
  5. 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.
  6. An 18-year-old would have to pay ₹55 a month, while a 40-year-old would need to pay ₹200 a month.
  7. The government would match the monthly contribution.
  1. Also, government will establish a pension fund to run the scheme.
Source
The Hindu.




Posted by Jawwad Kazi on 25th Jul 2019
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