PM pension scheme for traders gets lukewarm response

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The Pradhan Mantri Laghu Vyapari Maan-Dhan scheme, also known as the National Pension Scheme for traders and self employed persons, has received a lukewarm response.

Only a little over 43 thousand traders have enrolled themselves for the government's social security scheme way below the target of two crore enrollments as of January 20, as per government data.

The scheme was introduced in September 2019 with the target cover of two crore traders by 2023, thus bringing the split to an average of 50 lakh traders by year.

As per the data available on the Maandhan website, only four traders have enrolled for the scheme from Goa. Followed by five from Mizoram.

The highest number of enrollments have come from the state of Uttar Pradesh at 11,560 followed by 6,283 enrollments from Chhattisgarh, 5,750 from Andhra Pradesh and 3,225 from Gujarat.

The data also reveals that the highest number of enrollments have come from the traders between the age of 26-35.

Under the Pradhan Mantri Laghu Vyapari Maan-Dhan scheme, retail traders, shopkeepers and self-employed persons between the age of 18 and 40 and with an annual turnover of less than Rs 1.5 crore are eligible for the scheme.

The scheme is a voluntary contribution scheme wherein an eligible trader has to contribute a sum of Rs 55 to 200 monthly and a matching contribution is made by the Central government. Upon reaching the age of 60, the trader is eligible for a monthly pension of Rs 3,000.

Another criterion for eligibility for the scheme is, that no trader who is already a member of the EPF (Employees Provident Fund), NPS (National Pension Scheme) and ESIC (Employees State Insurance Corporation) can join the scheme.