National Pension Scheme for Traders and Self Employed Persons

  • Category
    Society
  • Published
    26th Sep, 2019

Context

The Prime Minister of India, Shri Narendra Modi launched the National Pension Scheme for Traders and Self Employed Persons.

Key features of scheme:

  • Under this scheme all shopkeepers, retail traders and self-employed persons are assured a minimum monthly pension of Rs. 3,000/- month after attaining the age of 60 years. 
  • All small shopkeepers and self-employed persons as well as the retail traders with GST turnover below Rs. 1.5 crore and age between 18-40 years, can enrol for this scheme.  The scheme would benefit more than 3 crore small shopkeepers and traders.
  • The scheme is based on self-declaration as no documents are required except Aadhaar and bank account. Interested persons can enrol themselves through more than 3,25,000 Common Service Centres spread across the country. 
  • GSTIN is required only for those with turnover above Rs. 40 lakhs.
  • The Central Government shall give 50 % share of the monthly contribution and remaining 50% contribution shall be made by the beneficiary. For example if a person with age of 29 years contributes Rs. 100/- month, then the Central Government also contributes the equal amount as subsidy into subscriber’s pension account every month.
  • The beneficiary should not be income tax payer and also not a member of EPFO/ESIC/NPS (Govt.) /PM-SYM.
  • This scheme will target enrolling 25 lakh subscribers in 2019-20 and 2 crore subscribers by 2023-2024. An estimated 3 crore Vyaparis in the country are expected to be benefitted under the pension scheme.
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