The Pradhan Mantri Karma Yogi Maandhan Yojana was implemented by the Finance Minister of India, Smt Nirmala Sitharaman on the 5th of July 2019 during the union budget. Under this scheme, All small shopkeepers, businessmen and traders of India who are registered under GST and have an annual turnover of up to 1.5 crores, will be approved as the beneficiaries.
Under the Pradhan Mantri Karma Yogi Maandhan Yojana, the sum of money that has been received in the form of pension will be directly transferred to the beneficiary’s bank account. This amount will only be sent to the bank account of the beneficiary when they have linked their respective bank accounts with their Aadhaar card. Small businessmen that do not have any income support after the age of 60 can also earn their livelihood from the pension received by the means of this scheme.
This scheme will be 50% financed by the government and all the applications will be accepted through online mode only. Life Insurance Corporation or LIC will act as a nodal agency under the Pradhan Mantri Karma Yogi Maandhan Yojana.
Purpose
The small shopkeepers and businessmen of India who are not able to run their shop during old age, become financially weak and have to face many problems in earning a livelihood. Therefore, through the Pradhan Mantri Karma Yogi Maandhan Yojana, all shopkeepers and small business owners over the age of 60 will be given financial support by providing a pension of Rs 3000 every month.
Thereby, senior citizens that are business owners and shopkeepers will be empowered and self-reliant.
Eligibility criteria
The eligibility criteria of the Pradhan Mantri Karma Yogi Maandhan Yojana are as follows:
- The applicant should be between the age group of 18 to 40 in order to apply for the scheme
- Only those citizens that do any sort of business in India can apply for the Pradhan Mantri Karma Yogi Maandhan Yojana
- Businessmen and shopkeepers running their businesses outside of India are not eligible to apply
- The applicants will be needed to show the documents in order to be eligible:
- Bank account linked with their Aadhaar card
- Aadhaar card
- GST registration number
- Passport size photo
Application Procedure
Offline
The applicant can follow the steps given below in order to apply for the Pradhan Mantri Karma Yogi Maandhan Yojana offline
- The applicant has to contact the nearest public service centre
- Visit the nearest public send service centre along with all the necessary documents and submit them to the agent
- Then, an online form will be filled in by the public service centre officer
- Once the application form has been filled you will finally get to submit the application form. Keep it safe for the future and get all the benefits of the scheme.
Online
The applicant can follow the steps given below in order to apply for the Pradhan Mantri Karma Yogi Maandhan Yojana online
- Visit official website
- then, click on the ‘apply now’ link
- Choose the process of registration, either ‘self-enrollment using mobile number and OTP’ or ‘CVC VLE’
- For the self-enrollment process, the applicant has to log in
- enter the mobile number and the registration page will appear
- Click on the ‘submit’ button for the final submission of the application
- A dashboard will appear showing all the names of the scheme
- Select the enrollment option and the scheme name to open the subscriber option form
Enter the accurate relevant details in order to avail of the pension scheme benefits under the Pradhan M