Pradhan Mantri Shram Yogi Maandhan (PMSYM) Scheme – Pension for Retail Traders & Shopkeepers

Pradhan Mantri Shram Yogi Maandhan Scheme

Central Government has launched Pradhan Mantri Shram Yogi Maandhan (PM-KYM) Scheme to provide assured monthly pension to retail traders and small shopkeepers. PMKYM universal social security scheme to provide Rs. 3,000 p.m to traders and shop owners as announced in Union Budget 2019-20. This pension amount under PM Shram Yogi Maan Dhan Scheme would be provided on attaining the age of 60 years. Around 3 crore retail traders and shop keepers would be benefited from PM Karmayogi Mandhan Yojana in India.

India has a rich tradition of trade and commerce, so govt. is primarily focusing on the trader’s betterment which is essential for India’s economic growth. This PM Shram Yogi Maandhan Scheme will ensure the social security of small shop owners whose annual turnover is below Rs. 1.5 crore.

The primary objective of PM Traders Pension Scheme 2019 is to ensure the robust architecture of universal social security.

Pradhan Mantri Shram Yogi Month (PM-KYM) Scheme

Pradhan Mantri Shram Yogi Maandhan Scheme has been launched to cover all small shopkeepers and traders with turnover below Rs. 1.5 crore. Here are the features and highlights of PM Modi Retail Traders & Shopkeepers Pension Scheme:-

  • Under PM-KYM Pension Scheme, all shopkeepers, retail traders, and self-employed persons would be provided with an assured minimum monthly pension of Rs. 3,000.
  • All the traders and small shop owners across the country are entitled to this pension benefits on attaining the age of 60 years.
  • All PM Shram Yogi Maan Dhan Scheme beneficiaries must have an annual turnover of less than Rs. 1.5 crore.
  • The age of the Pradhan Mantri Karmayogi Mandhan Yojana beneficiary must lie between 18 to 40 years.
  • PM Retail Trader’s Pension Scheme will cover 3 crore, small shopkeepers and retail traders.

Documents Required for PM Shram Yogi Mandhan Scheme

PMKYM scheme is based on self-declaration as no documents are required except Aadhaar and bank account.

Need for PM Shram Yogi Maan Dhan Scheme

PM Modi has laid a pension architecture for the trading community to assure a life of dignity, honor and to provide them with financial security during their old age. This retailer’s pension scheme named PM Shram Yogi Maan Dhan Scheme is another major welfare step for the betterment of traders, small and medium businesses. Simplification of GST process, Mudra loans, easy business loans up to Rs. 1 crore are some of the other welfare measures for retail traders, and small shop keepers.

How to Apply for Pension – Prime Minister Karmayogi Mandhan Yojana

All the interested people can enroll themselves for Pradhan Mantri Karmayogi Mandhan Yojana through more than 3,25,000 Common Service Centres (CSCs) spread across the country. Central govt. is going to make a matching contribution to the subscriber’s account. For example – if a person of 29 years age contributes Rs. 100 per month, then central govt. would contribute an equal amount as a subsidy into the subscriber’s pension account every month.

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