Pension Scheme for Shopkeepers, Traders & Small Business Owners

Small business men, shopkeepers & retail traders to get monthly pension of Rs. 3,000 after 60 years of age

The Prime Minister of India has announced a pension scheme for shopkeepers, traders & small business owners. They will be given a monthly pension of Rs. 3,000. The scheme will be applicable to all such self-employed people across India. The pension scheme for shopkeepers was BJP`s election promise. The decision was taken in the first cabinet meeting of the newly formed Government.

Pension Scheme for Shopkeepers, Traders & Small Business Owners
Benefits:Pension of Rs. 3,000 every month
Beneficiaries:Small business men, shopkeepers & retail traders
Launched By:Government of India

Objectives:

  • To provide social security
  • To make sure all such self-employed people live with dignity & respect after retirement

Benefits:

  • Monthly pension of Rs. 3,000 after attaining the age of 60 years

Eligibility Criteria:

  • The scheme is applicable across India
  • The scheme is only for shopkeepers, retail traders & small business owners
  • Age Limit: 18 to 40 years
  • Turnover: Applicable only those whose GST registered turnover is less than 1.5 crores

Pension Scheme for Shopkeepers, Traders & Small Business Owners Highlights:

  • The scheme is announced by the Union Minister Prakash Javadekar
  • The scheme is expected to benefit 5 crore small traders in next 3 years
  • All those interested in the scheme needs to apply for the scheme
  • They need a pay a small premium amount every month & government will make equal contribution to the scheme
  • It is a voluntary scheme & not applicable by default
  • Registrations for the pension scheme can be done at any nearby Common Service Center (CSC)
  • The shopkeepers & traders themselves & their family will be given benefit of the scheme

The scheme will primary benefit small shopkeepers. The scheme will empower them & provide security after the age of 60 years.

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