UPSC PRELIMS 2020: National Pension Scheme for Traders and Self Employed Persons

Topic: National Pension Scheme for Traders and Self Employed Persons

 

Topic in Syllabus: Indian Economy

National Pension Scheme for Traders and Self Employed Persons

Context:

The Prime Minister of India launched the National Pension Scheme for Traders and Self-Employed Persons, a pension scheme for the Vyaparis (shopkeepers/retail traders and self-employed persons) with annual turnover not exceeding Rs 1.5 crore.

 

About National Pension Scheme for Traders and Self Employed Persons:

  • It is a voluntary and contributory pension 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.
  • The enrolment under the scheme is free of cost for the beneficiaries.
  • The enrolment is based upon self-certification.

Eligibility:

  • For self-employed shop owners, retail owners and other vyaparis
  • Entry Age between 18 to 40 years
  • Annual turnover should not exceed Rs 1.5 crore

Should not be

  • Covered under any National Pension Scheme
  • An income tax payer
  • Enrolled under Pradhan Mantri Shram Yogi Maandhan Yojana/Pradhan Mantri Kisan Maandhan Yojana

Significance

  • An estimated 3 crore Vyaparis in the country are expected to be benefitted under the pension scheme.