Cabinet clears pension scheme for traders

  1. The Union Cabinet has approved a new scheme that offers pension coverage to the trading community.
  2. The pension scheme assures a minimum monthly pension of ₹3000 per month to small shopkeepers, retail traders and the self-employed people after attaining the age of 60 years.
  3. The scheme will be available to all small shopkeepers and self-employed persons as well as the retail traders with Goods and Services tax(GST) turnover below Rs. 1.5 crore and age between 18-40 years.
  4. Further,the Government of India will make matching contribution in the subscribers’ account.The scheme is based on self-declaration as no documents are required except Aadhaar and bank account.
  5. Interested persons can enrol themselves through Common Service Centres(CSC) spread across the country.This scheme is expected to help more than 3 crore small shopkeepers and traders.

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