One of the priorities of Prime Minister Narendra Modi’s government in the first 100 days of its second term, pension scheme for small traders, is likely to have a soft launch on August 19 evening, two officials of the Union Labour and Employment Ministry said.
According to the Ministry’s 100-day plan, the Pradhan Mantri Laghu Vyapari Maan-Dhan scheme would target enrolling 25 lakh subscribers in 2019-2020 and 2 crore by 2023-2024. Apart from an online portal that would be launched, people would be able to apply for the scheme through the common service centres already in place for other schemes.
Modelled on the pension scheme for unorganised sector workers launched in the first term of the Modi government, the scheme for traders was among the BJP’s promises ahead of the 2019 Lok Sabha elections and was among the proposals passed by the Cabinet on May 31 in its first meeting after re-election. The scheme was notified by the Ministry on July 22, the date from which it would be considered applicable.
Traders aged between 18 and 40 who have an annual turnover of less than ₹1.5 crore are eligible. The subscribers will have to contribute a monthly amount, which will vary depending on the age at which they enter the scheme, that will be matched by the government. Upon turning 60, the subscribers will get ₹3,000 as monthly pension.
