New Delhi, July 27 (KNN) The Union Labour and Employment Ministry has notified the Pradhan Mantri Laghu Vyapari Maan-dhan Yojana 2019. It is a pension scheme for retailers and small traders, one of the proposals cleared by the Cabinet at its first meeting.

The pension scheme assures a minimum monthly pension of Rs 3000 to small shopkeepers, retail traders and the self-employed people after attaining the age of 60 years once they have contributed to the scheme every month from the time of enrolment and till that age.

According to the notification, “The provisions of this Scheme shall apply to the Laghu Vyaparis, who are self-employed and working as shop owners, retail traders, rice mill owners, oil mill owners, workshop owners, commission agents, brokers of real estate, owners of small hotels, restaurants and other Laghu Vyaparis.”

The operations of such small traders are generally characterized by family owned establishments, small scale of operations, labour intensive, inadequate financial aid, seasonal in nature and extensive unpaid family labour, it added.

The scheme will be open to the Laghu Vyapari for joining, whose 1.5 crore, based on self-declaration, who has a savings bank account in his name and Aadhar number. To be eligible, the applicants should not be covered under the National Pension Scheme, Employees’ State Insurance Scheme and the Employees’ Provident Fund or be an Income Tax assessee.

However, notification clarifies “Where an eligible subscriber makes a default in the payment of any contribution to be payable by him under this Scheme to the Pension Fund, he shall be allowed to regularize his contribution by paying his entire outstanding dues, along with interest of the rate as determined by the Government of India in the Ministry of Labour and Employment from time to time.”