Pension scheme exclusively for self employed & business persons

Syllad | The Rising MeghalayaSeptember 18, 2019

SHILLONG: The Central Government has launched a new pension scheme known as Pradhan Mantri Laghu Vyapari Mann-dhan Yojana (LVMY) exclusively for 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.

According to an official press communiqué, the operations of such small traders are generally characterized by family owned establishments, small scale of operations, labour intensive, inadequate financial aid, seasonal in nature and extensive unpaid family labour.  The eligible age group for availing the scheme is between 18 to 40 years.

On the criteria of availing the scheme, the communiqué informed that it is eligible for any person whose annual turnover does not exceed Rs. 1.5 Crore based on self-declaration and who has a savings bank account in his/her name and Aadhar number.

The communiqué informed that each eligible subscriber under this Scheme shall receive assured minimum monthly pension of Rs. 3000 after attaining the age of sixty years.

The Central Government will make matching contribution in the subscribers’ account. For example if a person with age of 29 years contributes Rs. 100/-month, then the Central Government also contributes the equal amount as subsidy into subscriber’s pension account every month.

The communiqué informed that one can enrol for the scheme through Common Service Centre – Special Purpose Vehicle (CSC-SPV) which has been chosen as enrolment agency. CSC-SPV through its over 3.50 lakh common service centres across the country will enroll the beneficiary under the scheme.  They also added that Common Service Centre (CSC) shall not charge any money from the beneficiaries.