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Indian Economy

Pension Scheme for Traders

  • 01 Jun 2019
  • 1 min read
  • The Union Cabinet has approved a new scheme which assures minimum monthly pension of ₹3000 per month to small shopkeepers, retail traders and the self-employed people after attaining the age of 60 years. This is being done as part of the government’s efforts to offer universal social security.
  • 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 is expected to 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 an equal amount as subsidy into subscriber’s pension account every month.
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