In fulfilling another poll promise, the Narendra Modi-led government approved a pension scheme to cover the trading community. The said scheme will provide a pension of Rs 3,000 to all shopkeepers, retail traders and self employed persons on attaining the age of 60 years.
In a press release from the Ministry of Labour and Employment, it said that the pension scheme "is a part of the Prime Minister's vision to provide a robust architecture of universal social security." It further said that the scheme would benefit more than 3 crore small shopkeepers and traders.
The move is expected to benefit the small and medium scale businesses across India and provide traders with financial security in their old age.
Features of the Traders' Pension Scheme
- Under this scheme, all shopkeepers, retail traders and self-employed persons are assured a minimum monthly pension of Rs 3,000 a month after attaining the age of 60 years.
- Small shopkeepers and self-employed persons, as well as the retail traders with GST (Goods and Service Tax) turnover below Rs 1.5 crore and aged 18-40 years, can enroll for this pension scheme.
- The contribution towards the scheme will depend on the subscriber's age. For example, a 29-year old subscriber will have to contribute Rs 100 per month to receive a pension of Rs 3,000 in his/her old age.
- The scheme is based on self-declaration as no documents are required except Aadhaar and bank account.
- The Central Government will also contribute an equal amount as subsidy into subscriber's pension account every month.
How To Join The Traders' Pension Scheme?
Interested persons can enroll themselves through more than 3,25,000 Common Service Centres (CSCs) spread across the country. CSCs are the access points for delivery of essential public utility services, social welfare schemes, healthcare, financial, education and agriculture services. You can find the nearest centre in your district via this CSC locator.