PM Laghu Vyapari Mandhan Pension Yojana (PMLVMY) or Karam Yogi Mandhan Scheme

Online Application Form Download, Eligibility, Amount, Benefits, Exit Policy, How to Apply

Central Government on 23.07.2019 has launched Pradhan Mantri Karam Yogi Maandhan (PM-KYM) Scheme to provide assured monthly pension to retail traders and small shopkeepers. PMKYM universal social security scheme to provide Rs. 3,000 p.m to traders and shop owners as announced in Union Budget 2019-20. This pension amount under PM Karam Yogi Maan Dhan Scheme would be provided on attaining the age of 60 years. Around 3 crore retail traders and shop keepers would be benefited from PM Karmayogi Mandhan Yojana in India.

This PM Karam Yogi Maandhan Scheme will ensure social security of small shop owners whose annual turnover is below Rs. 1.5 crore. The primary objective of PM Traders Pension Scheme 2019 is to ensure robust architecture of universal social security.


The online registration process for PM Karam Yogi Maandhan Scheme (PM Laghu Vyapaari Maandhan Yojana) has been started at https://maandhan.in/vyapari. Now people can apply online for PM Laghu Vyapari Maan-dhan Yojana from any common service centre (CSC) or can perform self enrollment.

 

Pradhan Mantri Karam Yogi Maandhan (PM-KYM) Scheme

Pradhan Mantri Karam Yogi Maandhan Scheme has been launched to cover all small shopkeepers and traders with turnover below Rs. 1.5 crore. Here are the features and highlights of PM Modi Retail Traders & Shopkeepers Pension Scheme:-

Under PM-KYM Pension Scheme, all shopkeepers, retail traders and self-employed persons would be provided with an assured minimum monthly pension of Rs. 3,000.

All the traders and small shop owners across the country are entitled for this pension benefits on attaining the age of 60 years.

All PM Karam Yogi Maan Dhan Scheme beneficiaries must have annual turnover less than Rs. 1.5 crore.

The age of the Pradhan Mantri Karmayogi Mandhan Yojana beneficiary must lie between 18 to 40 years.

PM Retail Trader's Pension Scheme will cover 3 crore small shopkeepers and retail traders.


Documents Required for PM Karam Yogi Mandhan Scheme

PMKYM scheme is based on self-declaration as no documents are required except Aadhaar and bank account.

Eligibility for PM Karam Yogi Mandhan Yojana
The eligibility criteria to become eligible for PM Karam Yogi Maandhan Yojana is described below:-

- Only small shopkeepers, traders in the age group of 18 to 40 years are eligible.

- The applicant must not be an existing beneficiary of EPFO, ESIC, NPS, PM-SYM schemes or an income tax payee.

National Pension Scheme for Traders and Self Employed Persons Yojana is a government scheme meant for old age protection and social security of Shopkeeper's, Retail traders and Self Employed persons.

 

Key features of the PM Laghu Vyapari Mandhan Pension scheme Pension scheme

The project will encourage small and micro business owners to contribute money in a central government pension scheme to ensure financial security when they get old.



Amount offered as pension
As per the old age scheme draft, beneficiaries will receive Rs. 3000 as pension.

Frequency of payment
Beneficiaries will attain the old age pension amount in their bank accounts once every month.

Premium contribution by beneficiary and central government

The pension scheme has a 50:50 partnership scheme. The central government will match the premium amount that the beneficiary pays. If the applicant pays Rs. 55, then the central government will also contribute Rs. 55 in the pension fund.

Premium calculation

It is the responsibility of the public assistant at the CSC to calculate the payable premium. The amount will depend on the age at which the applicant enrolls.

Age bracket for application
Only legal applicants, meaning candidates who have attained the age of 18 years can register. The maximum age limit to become a member of this pension scheme is 40 years.

Range of premium amount
It is better for the applicant to start early as then the premium amount will be as low as Rs. 55 each month. If the candidate joins the scheme late, then he/she may have to shell out as much as Rs. 200 every month. So, the premium range is anything between Rs. 55 and Rs. 200

Beneficiary numbers
Nearly 3 crore small and marginal business owners, merchants and retail store owners will be able to attain the perks of this project.

Establishment of CSCs
As the registration will be done through the Common Service Centers, central government has already passed the project to establish as many as 3.25 lakh CSCs in the country.

Budget allocations
The central government has set aside a sum of Rs. 750 crore. It will be used to ensure the success of this scheme.

Pension fund activation
The central government has highlighted in the scheme guideline that as soon as the beneficiary reaches the 60 year age mark, he/she will start getting the old age pension.

Interest on accumulated money
The banks will also offer an interest on the money that has accumulated in the beneficiary's old age pension account.

Provision to quit
If any beneficiary wants to stop the monthly contribution towards the old age pension scheme, then he/she can do so by submitting an application. After this, he/she will get the money that has accumulated in the account.

Supervision
LIC has been chosen as the nodal agency that will manage the scheme related aspects.

Nominee selection
The primary pension holder can name his/her spouse or any other person as a nominee, who will get Rs. 1500 as a family pension.

 

 

 

Eligibility Criteria for PM Laghu Vyapari Mandhan Pension Yojana

Must be Resident of India
Only a legal resident of India, who fulfills the other requirements, can apply and get the pension benefits.

Small be business owners
The scheme has been designed and developed for the benefit of small business owners, traders, merchants and small retailers.

Annual turnover limit of business
Those store or business owners, who have a yearly turnover that exceeds Rs. 1.5 crore, will be barred from being a part of this project.

Age requirements
The pension scheme only allows the enrollment of those applicants who are not less than 18 years and not more than 40 years of age.


Documents necessary for PMLVMY

Residence proof
Residential proof is a must that highlights that the applicant is a legal resident of a particular state or union territory, which comes under the jurisdiction of Indian government.

Age proof
When enrolling for the scheme, applicants must offer a legal age proof for background checks.

Aadhar card
For aiding the identification of the applicant, CSC public assistants will need their Aadhar card.

Business registration documents
Every small business or retail store owner must provide photocopies of business registration papers. Additionally, applicants need to submit their annual turnover documents.

Trade license
If the business owner has a trade license, then a copy of that document must be submitted as well.

GST documents
The business owner needs to submit the GST registration documents and GST return files.

Bank account details
It is mandatory for the interested applicants to have a bank account. The details of this account will be needed for smooth transfer of money.
 

 

 

Registration Process for PMLVMY (other than online)

Candidates must get to the CSC near them, and submit the important documents, which have been mentioned above.

The public assistants at the centers will check the documents, and run necessary background checks.

It is the job of these assistants to fill in the details in the pension scheme registration form.

After this, all necessary documents must be attached with the enrollment form.

Next, they will calculate the amount that the business owner must pay as the premium for the pension scheme.

The first installment payment will be done through the bank account, maintained by the central government for this scheme. The CSC public assistants have access to this account.
Once the money is deposited, the pension account will be opened in the name of the respective beneficiary.

The beneficiary must pay the CSC public assistant an amount that is equal to the monthly premium.

After this, an online Pension Scheme Card will be generated and issued to the beneficiary. Additionally, the software that monitors the pension project will generate a code that will be mentioned on the card.

Once the details of this card are linked with the bank account, the premium amount will be deducted automatically each month.

Beneficiaries will get an SMS at the registered mobile number highlighting this information.

 

Website: https://maandhan.in/vyapari