NEW DELHI: The Union Labour ministry has notified the Pradhan Mantri Laghu Vyapari Maandhan Yojana (PMLVMY) for helping lakhs of retailers and small traders. One of the first proposals that was cleared by the Cabinet, the PMLVMY assures a monthly pension of Rs 3,000 to small traders, retail traders, shopkeepers and self-employed people after they attain the age of 60.
The scheme calls for monthly contributions from the beneficiaries from the time they are enrolled to the time they reach the age of 60. “The provisions of this scheme shall apply to the Laghu Vyaparis, who are self-employed and working as shop owners, retail traders, rice mill owners, oil mill owners, workshop owners, commission agents, brokers of real estate, owners of small hotels, restaurants and other Laghu Vyaparis,” the notification read.
Such businesses are generally characterised by family-owned establishments, small scale operations, labour intensive, inadequate financial aid, seasonal in nature and extensive unpaid family labour, it stated.