Topics Covered: Welfare schemes for vulnerable sections of the population by the Centre and States and the performance of these schemes; mechanisms, laws, institutions and bodies constituted for the protection and betterment of these vulnerable sections.
Pradhan Mantri Laghu Vyapari Maan-dhan Yojana
What to study?
For Prelims: Key features, objectives of the scheme.
For Mains: Significance of the scheme and its role in ensuring financial security of the citizens.
Context: The National Pension Scheme for Traders and Self-Employed Persons has failed to gain traction as only about 25,000 persons have opted for the scheme as against the government’s target to enrol 50 lakh by March-end.
- As per government data, only 84 traders and self-employed persons from Delhi have registered for the scheme so far, while 59 persons from Kerala, 54 from Himachal Pradesh, 29 from Jammu and Kashmir and two from Goa have registered.
- No one has registered for the scheme in Lakshadweep and Mizoram.
- Uttar Pradesh has the highest number of registrations with 6,765 persons.
What is Pradhan Mantri Laghu Vyapari Maan-dhan Yojana?
It is a voluntary and contribution based central sector scheme.
The government launched the scheme, entailing monthly minimum assured pension of ₹3,000 for the entry age group of 18-40 years after attaining the age of 60 years, with effect from July 22, 2019.
Under the scheme, the government makes matching contribution in the subscribers’ account.
The scheme is based on self-declaration as no documents are required except bank account and Aadhaar Card.
- All small shopkeepers, self-employed persons and retail traders aged between 18-40 years and with Goods and Service Tax (GST) turnover below Rs.1.5 crore can enrol for pension scheme.
- To be eligible, the applicants should not be covered under the National Pension Scheme, Employees’ State Insurance Scheme and the Employees’ Provident Fund or be an Income Tax assessee.
Sources: the Hindu.