ZT News Network
New Delhi, June 1: In a significant decision that is likely to benefit India’s large trading community, the Union Cabinet has approved a new scheme that offers pension coverage to the trading community.
This is a part of the Prime Minister’s vision to provide a robust architecture of universal social security, an official statement issued here Friday said.
How the scheme works:
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.
The Government of India will make matching contribution in the subscribers’ account. 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.