- Prime Minister Shri Narendra Modi on September 12, 2019 launched the National Pension Scheme for Traders and Self Employed Persons at Ranchi.
- It is a pension scheme for the Vyaparis (shopkeepers/retail traders and self-employed persons) with annual turnover not exceeding Rs 1.5 crore.
About National Pension Scheme for Traders and Self Employed Persons
- With this nation-wide launch, 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.
- The eligible Vyaparis can visit their nearest CSCs and get enrolled under the scheme. 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 enrolment under the scheme is free of cost for the beneficiaries. The enrolment is based upon self-certification.
- Government has approved National Pension Scheme for Traders and Self Employed Persons in acknowledgement of notable contribution of Vyaparis (shopkeepers/ retail traders and self-employed persons).
- 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 beneficiary should not be income tax payer and also not a member of EPFO/ESIC/NPS (Govt.)/PM-SYM.
- The Central Government shall give 50 % share of the monthly contribution and 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.
- This pension scheme is one of the top priorities of Prime Minister Narendra Modi’s Government in its second term. According to the Ministry’s 100-day plan, 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.
