Welfare schemes for vulnerable sections of the population by the Centre and States and the performance of these schemes.
In News- National Pension Scheme for Traders and Self Employed Persons
What to study?
For Prelims: Key features, eligibility of the scheme.
For Mains: Need for and significance of the scheme.
About the scheme:
It is a pension scheme for the Vyaparis (shopkeepers/retail traders and self-employed persons) with annual turnover not exceeding Rs 1.5 crore.
- It is a voluntary and contributory pension scheme.
- The enrolment under the scheme is free of cost for the beneficiaries.
- The enrolment is based upon self-certification.
- It has 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.
- 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.
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.