Thursday, August 22, 2019

Laghu Vyaparis urged to register under PM-LVMY

Port Blair, Aug 21: 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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