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.
