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Union Cabinet approves Pension Scheme for Traders

Date: 01 June 2019 Tags: Society

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).