The Union Ministry of Labour and Employment has issued a Gazette Notification to introduce the PMLVMDY on a trial basis this week. PMLVMDY is a central scheme for small traders and retailers. Self-employed individuals, retail traders, restaurant and small hotel owners, commission agents, rice mill owners and other small traders are eligible for the scheme.
- These small traders having an annual turnover of less than Rs 1.5 crore, between 18-40 years of age are eligible to apply for the scheme.
- The person will get a minimum monthly pension of Rs 3000/month once he/she attains the age of 60 years.
- He has to make a monthly contribution till 60 years of age from the time of enrolment, and the government of India will also make a matching contribution in the account depending on the age of the subscriber.
- The contribution varies with the age of the applicant as a person of 18 years of age would have to contribute Rs 55/month whereas a 40-year-old person would pay Rs 200/month.
- The applicant must not be already covered under the Employees’ State Insurance Scheme, National Pension Scheme, Employees’ Provident Fund or be an Income Tax assessee.
- The scheme is based on self-declaration of the subscriber and no document is required for the scheme except Aadhaar and Bank account.