The Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana (PM-LVMY) is a government pension scheme aimed at providing social security to small and retail traders. Under the scheme, eligible traders make regular contributions during their working years, while the government makes an equal contribution.
The scheme offers a monthly pension of ₹3,000 after the beneficiary reaches the age of 60. The amount that a trader needs to contribute depends on their age at the time of joining the scheme.
Who Can Benefit From the Scheme?
The PM Laghu Vyapari Maan-Dhan Yojana is intended for small traders and retail business owners. Individuals between 18 and 40 years of age can apply, subject to the scheme’s eligibility conditions.
Shopkeepers, merchants, retail traders, small hotel owners, commission agents, real estate brokers and other eligible traders can participate. The trader’s annual turnover must be below ₹1.5 crore to qualify under the scheme.
The scheme is administered by the Ministry of Labour and Employment and is designed to provide pension support to traders after they reach the age of 60.
How Much Does a Trader Need to Contribute?
The contribution under the scheme is linked to the subscriber’s age. Depending on the age at which a person joins, the contribution can range from ₹55 to ₹200.
The government contributes an equal amount against the subscriber’s contribution. After the beneficiary completes 60 years of age, the scheme provides a monthly pension of ₹3,000.
Starting the scheme at a younger age means the contribution is determined according to the applicable lower contribution slab, while the required contribution increases for those joining at an older age.
Documents Required for PM Vyapari Mandhan Yojana
Applicants need to provide the required documents and details while registering for the scheme. These include an Aadhaar card, a copy of the bank passbook, GST registration number, passport-size photograph and mobile number.
These details are required during the enrolment process to complete the application and establish the necessary records.
How to Apply for the Scheme?
Eligible traders can apply online through the official website of the Ministry of Labour and Employment. On the website, applicants need to select the “Click here to apply” option and then choose “Self-Enrolment.”
After entering the mobile number, an OTP will be sent for verification. Once the OTP is entered, the applicant must complete the application form with the required information.
The applicant then needs to upload scanned copies of the necessary documents and submit the completed application. After the submission process is completed, the trader’s enrolment application will be processed under the scheme.
Disclaimer
This article is intended for general awareness and provides a simplified overview of the PM Laghu Vyapari Maan-Dhan Yojana. Eligibility requirements, contribution amounts and other scheme provisions are subject to the applicable government rules. Readers should verify the latest information through official government sources before applying or making any financial decision.