A special mobilization drive shall be undertaken by the government for enrolment of eligible traders, shopkeepers and self-employed persons under Pradhan Mantri Laghu Vyapari Maan Dhan Yojana (PM-LVMY) in Jammu and Kashmir.
The PM-LVMY is a voluntary contributory pension scheme for retail traders in the age-group of 18-40 years with annual turnover not exceeding Rs 1.5 crore.
To avail the benefits of the pension scheme, a subscriber will have to deposit a nominal monthly subscription ranging from Rs 55 to Rs 200 depending on the entry age. The Central Government shall also deposit matching share of monthly subscription in the subscribers pension account.
For ease of eligible persons, PM-LMVY will be implemented by Life Insurance Corporation of India Limited through its wide network of branch offices and agents. Around 3.50 lakh Common Service Centres will be responsible for the enrolment of the beneficiaries under the scheme.