PM-SYM Pension Scheme for Traders | Self Employed Pension

Overview

The National Pension Scheme for Traders and Self Employed Persons, also known as Pradhan Mantri Laghu Vyapari Maandhan Yojana, is a central government voluntary pension scheme. It targets retail traders, shopkeepers, and self-employed individuals to provide them with old-age income security.

Objective

Millions of small traders and self-employed persons in India work without any pension cover. This scheme provides them with a guaranteed monthly pension of Rs 3,000 after the age of 60, so they can maintain a basic standard of living in their retirement years.

Benefits

• Monthly pension of Rs 3,000 after age 60
• Government contributes equally to the pension corpus
• Monthly contribution ranges from Rs 55 to Rs 200 depending on entry age
• Spouse receives 50% of pension as family pension on the subscriber’s death
• Managed by LIC of India for assured benefits

Eligibility

• Small traders, shopkeepers, and self-employed persons aged 18 to 40
• Annual turnover must be below Rs 1.5 crore
• Must have a savings bank account and Aadhaar
• Should not be covered under NPS, EPFO, or ESIC
• Must not be an income taxpayer

Exclusions

• Persons covered under NPS, EPFO, ESIC, or PM-KMY are not eligible
• Income taxpayers are excluded
• Traders with annual turnover above Rs 1.5 crore
• Persons older than 40 at the time of enrollment

Application Process

1. Visit the nearest Common Service Centre (CSC)
2. Carry Aadhaar card and savings bank account passbook
3. CSC operator fills in the enrollment form on the portal
4. Choose the monthly contribution amount based on your age
5. Set up auto-debit from your savings account for contributions
6. Receive a unique Vyapari Pension Account Number

Documents Required

• Aadhaar card
• Savings bank account passbook or IFSC code
• Mobile number
• Self-declaration of annual turnover below Rs 1.5 crore