Laghu Vyaparis urged to register under PM-LVMY

Port Blair, August 19: The Government of India has notified a pension scheme for small businessmen and retail traders under Section 3(1) of the Unorganized Workers’ Social Security Act, 2008, namely ‘Pradhan Mantri Laghu Vyapari Maan-dhan Yojana’ (PM-LVMY) to be effective from 22nd July, 2019.

 

The Pradhan Mantri Laghu Vyapari Maan-dhan Yojana (PM-LVMY) is designed on the lines of Pradhan Mantri Shram Yogi Maan-dhan Yojana (PMSYM) for those retail traders (Laghu Vyapari) whose age is in  between 18-40 years and annual turnover is not exceeding Rs.1.5 crore are eligible to be the member of the scheme. Declaration of annual turnover is based on self-certification. He/she should not be an income tax payee and should not be a member of EFO/ESIC/NPS/PM-SYM).

 

The Laghu Vyaparis, who are self-employed and working as shop owners, retail traders, rice mill owners, workshop owners, commission agents, broker of real estate, owner of small hotels, restaurants and other laghu vyaparis  will be required to visit the nearest Common Service Centre (CSC) and get enrolled for PM-LVMY using AADHAR Card and Jandhan/Savings Bank account number on self-certification basis on payment of  first subscription, to be paid in cash and auto debit from next month onwards. The subscription rate shall vary as per their age of entry. The Central Government’s share will be matching to the subscriber’s contribution. The LIC will be responsible for Pension pay out as Direct Benefit Transfer. The detailed chart of the contribution; to be paid by the subscriber is as given under.

 

Contribution Chart:

Entry

Age

Superannuation

Age

Member’s contribution (Rs.) Govt’s contribution (Rs.) Total contribution (Rs.)
(1) (2) (3) (4) (5)
18 60 55 55 110
19 60 58 58 116
20 60 61 61 122
21 60 64 64 128
22 60 68 68 136
23 60 72 72 144
24 60 76 76 152
25 60 80 80 160
26 60 85 85 170
27 60 90 90 180
28 60 95 95 190
29 60 100 100 200
30 60 105 105 210
31 60 110 110 220
32 60 120 120 240
33 60 130 130 260
34 60 140 140 280
35 60 150 150 300
36 60 160 160 320
37 60 170 170 340
38 60 180 180 360
39 60 190 190 380
40 60 200 200 400

 

In this connection, a meeting was convened on 9th August, 2019 in the Conference hall of Labour Commissioner & DET regarding briefing about the scheme to all stake holders of Govt. departments, Builders Association, Grocery Merchant Association, Hoteliers Association and ACCI. The Department of MSME, Industries and PBMC shall Operate ‘Facilitation Desk’ to facilitate the retail traders/shopkeepers and self employed persons, to guide them about the features of the scheme and direct them to approach the nearest CSCs. Similar Facilitation Desk has been  set up in the office of the Labour Commissioner’s Office, Supply line, Port Blair. Laghu Vyapari may contact for any details or clarification over telephone number 03192-233138.

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