NATIONAL PENSION SCHEME FOR TRADERS AND SELF EMPLOYED PERSONS (PRADHAN MANTRI LAGHU VYAPARI MAAN-DHAN YOJANA)


The original proposed name of National Pension Scheme for Traders, Shopkeepers and Self-Employed Persons was Pradhan Mantri Laghu Vyapari Maan-dhan Scheme that was launched on 12th September 2019. Its main objectives to provide monthly minimum assured pension to Laghu Vyaparis, i.e. traders who are self-employed and working as shop owners, retail traders, rice mill owners, oil mill owners, workshop owners, commission agents, brokers of real estate, owners of small hotels, restaurants and other Laghu Vyaparis.
To be eligible to avail the benefits, these traders must be in the age group of 18-40 years
with an annual turnover, not exceeding Rs.1.5 crore. They must have a savings bank account in their name and Aadhar number.

Key Facts


As per government data, only 84 traders and self-employed persons from Delhi have registered for the scheme so far, while 59 persons from Kerala, 54 from Himachal Pradesh, 29 from Jammu and Kashmir and two from Goa have registered.
No one has registered for the scheme in Lakshadweep and Mizoram.
Uttar Pradesh has the highest number of registrations with 6,765 persons.


Salient Features


It is a voluntary and contribution based central sector scheme and is an extension of the PM Shram Yogi Maan-dhan Yojana. The Central Government shall establish a Pension Fund to be administered by LIC. Under the scheme, 50% monthly contribution is payable by the beneficiary till the age of 60 years, which will vary depending on the age at which they enter the scheme and equal matching contribution is paid by the Central Government. Subscribers, after attaining the age of 60 years, are eligible for a monthly minimum assured pension of Rs.3,000/-. Enrolment to the Scheme is done through the Common Service Centres, with its network of 3.50 lakh Centres across the country. It envisages a coverage of about 50 lakh enrolments under the Scheme for 2019-20. In order to achieve this, various measures including celebration of Pension Week/ Pension Saptah have been taken. In case of death occurs after the retirement date, the spouse will receive 50% of the pension as the family pension. After the loss of both the pensioner and the spouse, the fund will be credited back to the nodal agency.

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