Union Cabinet chaired by Prime Minister Narendra Modi has approved new scheme that offers pension coverage to the trading community. This scheme is part of Prime Minister’s vision to provide a robust architecture of universal social security. This scheme will benefit more than 3 crore small shopkeepers and traders.
Salient Features of Scheme
- Eligibility: All small shopkeepers and self-employed persons as well as retail traders with GST turnover below Rs. 1.5 crore and age between 18-40 years are eligible for this scheme.
- Pension amount: The beneficiary small shopkeepers, retail traders and self-employed persons will get assured a minimum monthly pension of Rs. 3,000/- month after attaining the age of 60 years.
- Enrollment: Interested persons can enrol themselves for this scheme through more than 3,25,000 Common Service Centres spread across the country.
- Other features: The scheme is based on self-declaration as no documents are required except Aadhaar and bank account. Central Government of India will make matching contribution in the subscribers’ account (for ex. if a person with age of 29 years contributes Rs. 100/- month, then Central Government will also contributes equal amount as subsidy into subscriber’s pension account every month).