close

News WrapGet Handpicked Stories from our editors directly to your mailbox

PM Narendra Modi launches national pension scheme for small traders, 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.

PM Narendra Modi launches national pension scheme for small traders, self employed persons

New Delhi: Prime Minister Narendra Modi on Thursday launched the National Pension Scheme for Traders and Self Employed Persons with annual turnover not exceeding Rs 1.5 crore.

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 Central Government shall give 50 percent share of the monthly contribution and remaining 50 percent contribution shall be made by the beneficiary.

“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,” an official release said.

People can also self-enroll by visiting the portal www.maandhan.in/vyapari. 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 and is based upon self-certification.

As per the government'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, the release added.