National Pension Scheme alert! Aadhaar card now mandatory for receiving benefits under NPS

New Delhi: The Central government has made the Aadhaar card mandatory proof for identification for availing benefits under the National Pension Scheme (NPS) for traders and self-employed individuals who are eligible for receiving the perks under the state-backed social security scheme.  

The Central government had launched the National Pension Scheme for traders and self-employed individuals with annual turnover not exceeding Rs 1.5 crore in September 2019 to provide them with an investment option, wherein they can save for their retirement.  

What is National Pension Scheme (NPS)? 

The Ministry of Labour and Employment handles the National Pension Scheme, which provides a Rs 3000 monthly pension to traders and self-employed individuals as soon as they turn 60. 

The National Pension Scheme is a voluntary and contributory pension scheme. Individuals between the age of 18 to 40 years can start investing in the scheme, in which the Central Government gives a 50 per cent share of the monthly contribution. The remaining 50 per cent contribution is made by the beneficiary.

How to enrol in National Pension Scheme (NPS)? 

Traders, shopkeepers, and self-earning individuals can self-enrol themselves in the National Pension Scheme (NPS) by visiting the official online portal which is www.maandhan.in/vyapari. 

Eligible individuals can also visit their nearest Common Service Centres (CSCs) to enrol them under the state-sponsored scheme. However, GSTIN is required for individuals who are having an annual turnover above Rs 40 lakhs. Also Read: From application for learner's licence, DL to RC: Avail these 33 RTO services at your doorstep

At the time of launch, the Central government had targeted to achieve 2 crore subscribers by 2023-2024. According to government estimates, there are about 3 crore beneficiaries that can be brought under the National Pension Scheme (NPS). Also Read: Gold Price Today, 12 August 2021: Gold still cheaper by over Rs 9,800 from record highs