(The Gist of PIB) Prime Minister launches National Pension Scheme for Traders and Self Employed Persons
[SEPTEMBER-2019]

Prime Minister launches National Pension Scheme for Traders and Self Employed Persons
 

• Prime Minister Narendra Modi launched the National Pension Scheme for Traders and Self Employed Persons. 

Key highlights 

• It is a voluntary and contributory pension scheme for the Vyaparis (shopkeepers/retail traders and self-employed persons) with an annual turnover not exceeding Rs 1.5 crore.
• 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.
• 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.
• 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, 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.

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Courtesy: PIB