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

Central govt. 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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Prime minister-launched schemes in India

Over the years of Indian Politics, many prime ministers have implemented schemes and welfare initiatives. These schemes are mainly funded by the central government of India and also by the state governments. Atal Bihari Vajpayee, Manmohan Singh, Rajiv Gandhi, and Narendra Modi have worked for the betterment of society.

One unique aspect of the schemes is their catchy names, such as Swachh Bharat Mission and Smart Cities Mission. The names have much more attention from masses. The government of India under the influence of prime ministers has doubled many of its flagship schemes and programs. Recently, on May 31, 2019, the government declared to extend PM Kisan Samman Nidhi. The scheme was originally available to only some categories of farmers; it has now been made available to all farmers in the country. Under this scheme, farmers are annually paid Rs. 6,000 in three installments. Over 145 million people would be benefitted from this. Launched by September 2018, PM Jan Arogya Yojana would be targeting 107 million people. New Jal Shakti Ministry has been announced with the aim of availing piped water to all Indian families by 2024. Schemes have also been launched for better skill-training activities and entrepreneurship, such as Skill India Mission and Make in India Mission. The National Rural Employment Guarantee Act was launched in 2005 for social security purposes, promising livelihood and employment to rural areas.

There are many pension-related schemes for our country’s farmers, traders, and entrepreneurs. Startup India is one of the flagship initiatives launched for strengthening startup culture and professional ecosystem. While prime ministers-launched schemes have done the best to fix agricultural crisis, employment and investment are expected to be next on the government’s agenda.