Prime Minister, Narendra Modi launched the National Pension Scheme for Traders and Self Employed Persons, at Ranchi on 12th September.

This is a pension scheme for the Vyaparis (shopkeepers/retail traders and self-employed persons) with annual turnover not exceeding Rs 1.5 crore.

Key highlights of the scheme

• shopkeepers/retail traders and self-employed persons with annual turnover not exceeding Rs 1.5 crore are eligible

• scheme has been made available to the prospective beneficiaries through 3.50 lakh Common Service Center (CSCs) across the country

• people can also self-enroll by visiting the portal   www.maandhan.in/vyapari.

• 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

• It is a voluntary and contributory pension scheme

• 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

• should not be 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

With this nation-wide launch, and this pension scheme is one of the top priorities of Prime Minister Narendra Modi’s Government in its second term.

According to the Ministry of Labour and Employment, 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