Source: Press Information Bureau
Recently the Prime Minister of India launched the National Pension Scheme for Traders and Self Employed Persons, a pension scheme for the Vyaparis (shopkeepers/retail traders and self-employed persons) with an annual turnover not exceeding Rs 1.5 crore.
Key highlights
- The facility for enrollment under the scheme has been made available to the prospective beneficiaries through 3.50 lakh Common Service Center (CSCs) across the country.
- Eligibility conditions:
- At the time of enrollment, the beneficiary is required to have an Aadhaar card and a saving bank/ Jan-Dhan Account passbook only.
- He/ She should be within 18 to 40 years of age group. GSTIN is required only for those with turnover above Rs. 40 lakhs.
- The beneficiary should not be an income taxpayer and also not a member of EPFO/ESIC/NPS (Govt.)/PM-SYM.
- The enrolment under the scheme is free of cost for the beneficiaries.
- The enrolment is based upon self-certification.
- Contribution & benefits:
- It is a voluntary and contributory pension scheme for entry age of 18 to 40 years with a provision for minimum assured pension of Rs 3,000/- monthly on attaining the age of 60 years.
- The Central Government shall give 50% share of the monthly contribution and the remaining 50% contribution shall be made by the beneficiary. The monthly contribution is kept low to make it affordable. For example, a beneficiary is required to contribute as little as Rs.100/- per month at a median entry age of 29 years.
- An estimated 3 crore Vyaparis in the country are expected to be benefitted under the pension scheme.
