NATIONAL PENSION SCHEME FOR TRADERS AND SELF EMPLOYED PERSONS

NATIONAL PENSION SCHEME : After Atal Pension Yojana, Pradhan Mantri Shram Yogi Man-Dhan Yojana (PM-SYM) and other schemes, Prime Minister Narendra Modi has launched another pension scheme for small traders and self employed persons, which will provide a monthly pension of Rs 3,000 to the beneficiaries from the age of 60 years onwards.

The National Pension Scheme for Shopkeeper’s, Retail traders and Self Employed persons is a voluntary and contributory scheme, in which the government will also make a matching contribution.

Traders and self employed persons in the age group of 18-40 years are eligible to join the scheme with monthly contribution of Rs 55 to Rs 200 depending on age. Lower the age, lower will be the amount of monthly contribution and vice-versa.

However, self employed shop owners, retail owners and other vyaparis (traders) having annual turnover less than Rs 1.5 crore will only be able to join the scheme.

Moreover, any person making contribution to EPFO, ESIC, NPS (government declared), PM-SYM and/or paying income tax are also not eligible for the scheme.

About:

It is a voluntary and contributory pension scheme for the Vyaparis (shopkeepers/retail traders and self-employed persons) with annual turnover not exceeding Rs 1.5 crore.
It is a 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.
Contribution: The Central Government shall give 50 % share of the monthly contribution and remaining 50% contribution shall be made by the beneficiary.
Process of enrolment: With this nation-wide launch, people can enrol through 3.50 lakh Common Service Center (CSCs) across the country. In addition people can also self-enroll by visiting the portal www.maandhan.in/vyapari.
Criteria for enrolment:
- 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 income tax payer and also not a member of EPFO/ESIC/NPS (Govt.)/PM-SYM.
Target: 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.