Current Affairs

Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana (PMLVMDY)

Current context: The Union Ministry of Labour and Employment has issued a Gazette Notification to introduce the PMLVMDY on a trial basis this week.
Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana (PMLVMDY)
  • PMLVMDY is a central scheme for small traders and retailers.
  • Self-employed individuals, retail traders, restaurant and small hotel owners, commission agents, rice mill owners and other small traders are eligible for the scheme.
  • These small traders having an annual turnover of less than Rs 1.5 crore, between 18-40 years of age are eligible to apply for the scheme.
  • The person will get a minimum monthly pension of Rs 3000/month once he/she attains the age of 60 years.
  • He has to make a monthly contribution till 60 years of age from the time of enrolment, and the government of India will also make a matching contribution in the account depending on the age of the subscriber.
  • The contribution varies with the age of the applicant as a person of 18 years of age would have to contribute Rs 55/month whereas a 40-year-old person would pay Rs 200/month.
  • The applicant must not be already covered under the Employees’ State Insurance Scheme, National Pension Scheme, Employees’ Provident Fund or be an Income Tax assessee.
  • The scheme is based on self-declaration of the subscriber and no document is required for the scheme except Aadhaar and Bank account.

Question: 

Q.1 With respect to the Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana, choose the correct statement?
a. It is eligible for a person between 18-40 years of age
b. The person will get a monthly pension of Rs 3000/month after attaining 60 years of age
c. The contribution of the person to the scheme varies with the age of enrolment
d. All are correct
e. a & b are correct
Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana (PMLVMDY) Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana (PMLVMDY) Reviewed by Neha on July 26, 2019 Rating: 5

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