Prime Minister Narendra Modi on Thursday (September 12) launched the National Pension Scheme for Traders and Self Employed Persons. The scheme is aimed at providing old age protection and social security to small traders, retailers
and their families.
and their families.
The pension scheme will provide a monthly pension of Rs 3,000 to its subscribers once they achieve 60 years of age. This is a voluntary and contributory scheme, in which the government will also make a matching contribution. If the subscriber dies, his/her spouse will be entitled to receive 50% of the pension as family pension.
The pension can be availed by contributing between Rs 55 to Rs 200 per month till the subscriber attains the age of 60.
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| Source: https://maandhan.in/scheme/pmvmy |
Benefits on disablement
If a subscriber has contributed regularly and becomes permanently disabled due to any cause before attaining the age of 60 years, and is unable to continue to pay his contribution under this scheme, his spouse shall be entitled to continue with the scheme subsequently by payment of regular contribution as applicable or exit the scheme by receiving the share of contribution deposited by such subscriber, with interest as actually earned thereon by the pension fund or the interest at the savings bank interest rate thereon, whichever is higher.
Benefits on leaving the pension scheme
-In case an eligible subscriber exits this scheme within a period of less than ten years from the date of joining the scheme by him, then the share of contribution by him only will be returned to him with savings bank rate of interest payable thereon.
-If the exit happens after completion of ten years or more from the date of joining the scheme, then his share of contribution only shall be returned to him along with accumulated interest thereon as actually earned by the pension fund or the interest at the savings bank interest rate thereon, whichever is higher.
-If an eligible subscriber has given regular contributions and died due to any cause, his spouse shall be entitled to continue with the Scheme subsequently by payment of regular contribution as applicable or exit by receiving the share of contribution paid by such subscriber along with accumulated interest, as actually earned thereon by the pension fund or at the savings bank interest rate thereon, whichever is higher. After death of the subscriber and his or her spouse, the corpus shall be credited back to the fund.
Who can register for the scheme
Self-employed, small traders, retailers aged between 18 to 40 years with annual turnover not exceeding Rs 1.5 crore can enroll for the pension scheme. A person desiring to be a beneficiary of the scheme should not be a member of National Pension Scheme(NPS) or EPFO or ESIC. Additionally, the person should not be an income tax payer and enrolled under Pradhan Mantri Shram Yogi Maandhan Yojana or Pradhan Mantri Kisan Maandhan Yojana.
Documents required for registration
The person should possess Aadhaar card and one savings bank account with IFSC code.
How to enrol for the scheme
-Visit your nearest Common Service Centre (CSC) with your Aadhaar Card and savings/Jan-Dhan account passbook. There are 3.5 lakh CSCs across the country. One can also self-enrol by visiting the portal www.maandhan.in/vyapari.
-Your required contribution to the scheme will be calculated at the centre based on your age
-Pay your first contribution at the CSC in cash
-Sign the nomination form along with the auto-debit mandate form
-A unique Vyapari Pension Account Number (VPAN) will be generated and a pension card will be issued instantly to the subscriber.
