The Modi government is running various public welfare schemes to make the lives of the poor and common people easy and convenient. Furthering this sequence, under the social security schemes, the Modi government has recently introduced two pension schemes for businessmen and workers. Many people are expected to benefit from these schemes. So through this article, we are going to give you information about Pradhan Mantri Shram Yogi Maandhan and National Pension Scheme for Traders and Self Employers.
What is Pradhan Mantri Shram Yogi Maandhan Yojana?
The objective of this scheme is to provide protection to workers in old age and social security to unorganized workers. Rickshaw drivers, head loaders, home workers, agricultural laborers, workers engaged in construction works like bidis etc. can enroll under the Pradhan Mantri Shram Yogi Maandhan (PM-SYM) scheme.
Eligibility Criteria for PM-SYM Scheme
People between 18 and 40 years of age can enroll under this scheme. To take advantage of the scheme, you must be a laborer in the unorganized sector and your monthly income should be 15 thousand rupees or less. You should not be an income tax payer. To get eligibility in PM-SYM scheme you must have an Aadhaar card and PMJDY account.
How to enroll in Pradhan Mantri Shram Yogi Maandhan Yojana?
You can enroll under Pradhan Mantri Shram Yogi Maandhan Yojana through following steps –
- Go to Common Service Center (CSC) with Aadhaar card, PMJDY account and its IFSC code.
- The Common Service Center will enroll your (beneficiary) electronically on the system.
- Monthly membership will be calculated automatically based on age.
- You will have to pay the first installment in cash at the Common Service Center.
- After making the payment you will get Prime Minister Shram Yogi Maandhan Number.
- An acknowledgment cum debit mandate will be generated for your signature.
- The Common Service Center will scan and upload your signed debit mandate.
- After this the Common Service Center will give you (beneficiary) Prime Minister Shram Yogi Maandhan Card.
- Now Mandate Debit will be activated and you will be informed about it through SMS.
- All future transaction information will be sent to you via SMS.
What is the National Pension Scheme for Traders?
The National Pension Scheme has been launched by the government to provide social security to businessmen and self-employed people. The scheme is also known as NPS-Traders. The scheme can be availed by shopkeepers, traders and self-employed people, whose annual turnover is up to Rs 1.5 crore. The scheme would mainly benefit rice mill owners, workshop owners, commission agents, real estate brokers or small hotel and restaurant owners. It is a voluntary and contributory pension scheme. Under the scheme, on completion of 60 years of age, you will get a minimum monthly pension of 3 thousand rupees. If the beneficiary of the scheme dies, then his spouse will be given 50% of his pension as family pension.
Eligibility Criteria for NPS-Traders Scheme
- Applicants must be between 18 and 40 years of age to avail the scheme.
- Only the shopkeeper, retailer or self-employed person can avail the scheme.
- Annual turnover should be Rs 1.5 crore or less.
- You must have an Aadhaar card and PMJDY account.
- You should not be the beneficiary of Pradhan Mantri Shram Yogi Maandhan Yojana.
- You should not be an income tax payer.
How to enroll in NPS-Traders Scheme?
- Retail traders, shopkeepers and self-employed people will have to go to the nearest Common Services Center and enroll under the NPS-Traders Scheme. This nomination can be done on the basis of self-certification through Aadhaar Card and PMJDY account.
- The first installment of the plan will have to be given to you in cash, in the following months the installment will be auto debited. Retailers or shopkeepers can register themselves by visiting the NPS-Traders web portal or through the mobile app using the Aadhaar number and PMJDY account.
How to get out of NPS-Traders Scheme?
- If you opt out of the plan in less than 10 years, only your portion is refunded with the savings bank interest rate.
- If you exit after 10 years but before 60 years, then part of your contribution along with accumulated interest or savings bank interest rate, whichever is higher, is refunded to you.
- If the beneficiary has made regular contributions and then dies, his / her spouse has the option to continue the scheme by making regular contributions. If he withdraws from the scheme, he is paid interest earned from the fund or savings bank rate, whichever is higher.