Q. Consider the following statements with respect to Pradhan Mantri Laghu Vyapari Maan-dhan Yojana:
1. It is a compulsory and contributory pension scheme
2. Ministry of finance is the nodal ministry to implement the scheme
Which of the statements given above is/are NOT correct?

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: C

National Pension Scheme for Traders, Shopkeepers and Self-Employed Persons (originally proposed name was, Pradhan Mantri Laghu Vyapari Maan-dhan Scheme) has been launched on 12.09.2019. It is a voluntary and contributory pension scheme.  

  • The traders in the age group of 18-40 years with an annual turnover, not exceeding Rs.1.5 crore and who is not a member of EPFO/ESIC/NPS/PM-SYM or an income tax payer, can join the scheme.  
  • Under the scheme, 50% monthly contribution is payable by the beneficiary and equal matching contribution is paid by the Central Government. Subscribers, after attaining the age of 60 years, are eligible for a monthly minimum assured pension of Rs.3,000/-.  
  • As the Scheme has been launched on 12th September, 2019. It envisages a coverage of about 50 lakh enrolments under the Scheme for 2019-20.  
  • In order to achieve this, various measures including celebration of Pension Week/ Pension Saptah have been taken.   
  • All State/UT Governments were requested for popularizing and bringing more awareness about the Scheme.   
  • The progress of the Scheme is being reviewed regularly in the Ministry at senior level with State/UT Governments, for taking initiatives under Mission Mode. Ministry of Labour & Employment is the nodal ministry to implement the scheme. 

Source: ForumIAS factly