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.