PM Laghu Vyapari Mandhan Yojana, 2019 (PMLVMY)

PM Laghu Vyapari Mandhan Yojana:

Finance minister Nirmala Sitharaman announced the scheme in her maiden budget speech on July 5, 2019. the  scheme meant for old age protection and social security of Small Scale Traders and Retailers. All shopkeepers, self-employed persons , retail traders, rice mill owners, oil mill owners, workshop owners, commission agents, brokers of real estate, owners of small hotels, restaurants and other Vyaparis with similar occupations whose annual turnover does not exceed Rs 1.5 crore are eligible to get benefit under the scheme.

The aim of the scheme is to provide adequate financial support to the business owners, who are often  suffer from intense labour, inadequate finance, unpaid labour, etc. The scheme was implemented for the unorganized labour under the Unorganized Workers’ Social Security Act, 2008. all the All shopkeepers and self-employed persons, as well as retail traders with GST turnover below Rs 1.5 crore and aged between 18-40 years, can enrol for the scheme

Details of the scheme:

In order to enroll the name of the beneficiaries the Common Service Centres (CSC-SPV) will help to enroll the name of beneficiaries. The e-governance will help to track the people who have small business.

• In order to provide help regarding the plan, 3.50 lakh Common Service Centres are working across the country.
• The scheme will deal with the pension fund that will be provided by the central government. The pension fund will be monitored by the Life Insurance Corporation of India.
• The pension will be provided to the eligible subscriber of the scheme. On the other hand, the central government will also contribute to the fund equal amount as the subscriber.
•  The entire value of the scheme will be calculated on yearly basis, and if any shortage appears then that will be fulfilled by the central government.
•  Under the scheme the people will get the payment on a monthly basis, and the amount is fixed and the amount is Three thousand rupees.
• The pension will be given to the beneficiary after reaching 60 years.
• Under the scheme, in order to stay in the pension plan, a candidate can enter into the plan at 18 years. The age limit of

Other Benefits : 

• If the beneficiary by accident becomes disabled and that too before reaching the age of 60 and also unable to continue the scheme then the candidate’s spouse can continue the scheme by contributing regular subscription to the scheme. The candidate’s spouse can also exit the scheme and even then the spouse will also receive the money along with interest.

• If the candidate dies during the time of the scheme then his spouse will be eligible for the scheme and she can continue the scheme by paying the instalments. If the candidate’s spouse decides to leave the scheme she will receive fifty percent of the money from the pension fund with bank interest rate. But the family pension will be applicable for the spouse.

Eligibility Criteria:

ll shopkeepers, self-employed persons , retail traders, rice mill owners, oil mill owners, workshop owners, commission agents, brokers of real estate, owners of small hotels, restaurants and other Vyaparis with similar occupations whose annual turnover does not exceed Rs 1.5 crore are eligible to get benefit under the scheme.

Age limit :18 to 40 years old are eligible to apply.

Non Eligible Category:

1. Subscribers of  

• National Pension Scheme contributed by the Central Government 
•  Employees State Insurance Corporation Scheme under the Employees State Insurance Act, 1948, 
• Employees Provident Fund .

2. The person shoud not be Enroled under Pradhan Mantri Shram Yogi Maandhan Yojana or Pradhan Mantri Kisan Maandhan Yojana administered by the Ministry of Labour & Employment or Ministry of Agriculture & Farmers Welfare, respectively

3. the person should not be a income tax payer.

Documents required:

GST Registration Number:

In this scheme, because small traders are being given an opportunity to apply and their annual turnover has also been fixed applicants should provide GST registration number. It is necessary to give the same in the application form.

Passbook of Bank Account:

The amount of pension given in this scheme and the amount of premium to be deposited is to be deposited in the bank account. Therefore applicants should provide bank account number that comes in their passbook and they have to attach a copy of passbook to the application.

Aadhaar Card:

To deposit the money under the identity of the applicant, his age proof and bank account, Aadhaar Card is extremely important for the applicant. In the application form, the applicant should have a passport photograph. Hence, the applicant should also bring the photo along with other documents.

How to apply for the scheme?:

In order to apply for this scheme, 3.50 Common Service Centres have been established. The applicant can get the application from the Common Service Centre under his area. Apart from that, the application form is also available online by logging in to the website of the Common Service Centre. After the form is received, the applicants will have to fill in all the information in it. And then the agent will have to submit his application form.

Exit Policy for Laghu Vyapari Mandhan:

•  If subscriber leaves the scheme in 10 years of joining the scheme, then the candidate will get back the money that is contributed in the scheme. The money will be returned with the bank interest rate.
• If subscriber leaves the scheme after completion of 10 years, but before reaching 60 years of age then he will get the money with all the interest that he earned in the pension fund.
•  If the candidate dies during the time of the scheme his spouse will be eligible to continue the scheme.
• If the subscriber and the spouse of the subscriber both die then their children will get the money.

for All the other details like monthly premium and contribution, click here