The Pradhan Mantri Laghu Vyapari Maan-dhan Yojana, also called the National Pension Scheme for Traders and Self-Employed Individuals, provides a safety net for small business owners and shopkeepers. It offers a monthly pension of at least Rs 3000 to participants aged 18-40, starting from July 22, 2019. Participation is voluntary, but contributions are required.
About Pradhan Mantri Laghu Vyapari Maan-dhan Yojana
- This scheme is voluntary and relies on contributions from individuals.
- The government has initiated a scheme ensuring a monthly pension of ₹3,000 for individuals aged 18 to 40, starting at age 60.
- It began on July 22, 2019.
- The government matches the contributions made by subscribers to their accounts.
- To join, just need a bank account and Aadhaar Card; no extra paperwork required.
Eligibility of Pradhan Mantri Laghu Vyapari Maan-dhan Yojana
- This chance is for small-time entrepreneurs, also known as “Laghu Vyaparis“, who handle businesses like shops, retail stores, rice mills, oil mills, workshops, real estate agencies, small hotels, restaurants, and similar ventures independently.
- Laghu Vyaparis typically operate as family-owned businesses, often with limited resources and manpower. Their operations rely heavily on family members assistance, and they usually cater to local or niche markets.
- These businesses tend to have relatively modest turnovers, often not exceeding Rs 1.5 crore annually. This threshold is self-declared by the entrepreneurs themselves, reflecting the small-scale nature of their enterprises.
- While Goods and Services Tax Identification Number (GSTIN) is mandatory for businesses with turnovers above Rs. 40 lakhs, it’s not required for Laghu Vyaparis below this threshold, simplifying the administrative requirements for smaller businesses.
- We’re looking for younger entrepreneurs actively running their businesses, so you need to be between 18 and 40 years old to participate.
- To qualify for this scheme, Laghu Vyaparis need to have a personal savings bank account and possess an Aadhar number, ensuring that they have basic financial infrastructure in place for participation.
Benefits of the scheme
- When individuals eligible for the Scheme reach the age of sixty, they will receive a guaranteed minimum monthly pension of Rs 3000.
- The Government of India will contribute an amount matching the subscriber’s contribution to their account. For instance, if a 29-year-old contributes Rs. 100 per month, the Central Government will also contribute the same amount as a subsidy into the subscriber’s pension account each month.
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