PM Modi launches pension schemes for farmers, traders; all you need to know

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Published: September 12, 2019 5:25:49 PM

After announcing pension schemes for farmers and traders in Union Budget 2019, the government has launched 'Pradhan Mantri Kisan Mandhan Yojana', ‘Pradhan Mantri Laghu Vyapari Maan Dhan Yojana’ and 'Swarojgar' scheme on Thursday.

Narendra Modi, Narendra Modi Houston address, Harsh Vardhan Shringla, india US ties, Indian Americans, Silicon Valley, Indian American community, United Nations General AssemblyFor traders and self-employed people who have an annual turnover of Rs 1.5 crore, the government has promised a fixed amount of Rs 3,000 per month.

After announcing pension schemes for farmers, traders and self-employed people in Union Budget 2019, the government has launched ‘Pradhan Mantri Kisan Mandhan Yojana’, ‘Pradhan Mantri Laghu Vyapari Maan Dhan Yojana’ and ‘Swarojgar’ scheme on Thursday. Under the farmers’ pension scheme, agrarians between 18 and 40 years of age will get a fixed Rs 3,000 monthly pension after they reach 60 years. Currently, the government has planned Rs 10,774 crore expenditure for the next three years. The farmers can make their monthly contributions to the scheme by Common Service Centres or from the earlier PM-KISAN (Kisan Samman Nidhi) instalments. While the scheme is applicable pan-India, only those farmers with a landholding of two hectares or less can get the benefit of the scheme. 

For traders and self-employed people who have an annual turnover of Rs 1.5 crore, the government has promised a fixed amount of Rs 3,000 per month after attaining 60 years of age. People who are in the age bracket of 18-40 years can apply for the same via visiting 3.50 lakh Common Service Centres (CSCs) across the country or by self-enrolling on the government portal. For its pension scheme for traders, the government is targeting 25 lakh subscribers in 2019-20 and two crore subscribers by 2023-2024. The scheme is expected to benefit about 3 crore traders in the country. Those applying for the scheme are expected to make their monthly contributions to the scheme. The same can be as low as Rs 100 while the majority of the amount will be shouldered by the Central government. 

Meanwhile, a small traders’ body  CAIT (Confederation of All India Traders) said that while it lauds government efforts for traders, it has requested the government to bring traders in the age bracket of 41 to 55 years under the ambit of the scheme. 

Previously, the Narendra Modi government had also announced Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) Yojana in its first term. Under the scheme, the government had promised a direct payment of Rs. 6000 in three equal instalments of Rs. 2000 each every four months into the Aadhar bank accounts of eligible landholding SMFs families. 

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