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National Pension Scheme for Traders and Self Employed Persons

  • Category
    Society
  • Published
    26th Sep, 2019

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

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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