- The Union Cabinet has approved a new scheme that offers pension coverage to the trading community.
- 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.
- 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.
- 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.
- 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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