Government Widens Social Security Net: Launches Pension Scheme For Small Traders And Shop-OwnersA chemist shop in Bihar (Representative image) (Priyanka ParAshar/Mint via Getty Images)

Having launched a landmark pension scheme for unorganised sector workers earlier, the government has now widened the social security net by launching an old-age pension scheme for small traders and shop-owners too.

The scheme was launched by PM Modi in Ranchi today and covers the entire country’s vyaparis with an annual turnover not exceeding Rs 1.5 crore. The enrolment under the scheme is free of cost for the beneficiaries. The enrolment is based upon self-certification.

The facility for enrolment under the scheme has been made available to the prospective beneficiaries through 3.50 lakh Common Service Centre (CSCs) across the country. In addition people can also self-enrol by visiting the portal

At the time of enrolment, the beneficiary is required to have an Aadhaar card and a savings or a Jan-dhan account passbook. The beneficiary should be within 18 to 40 years of age group while the GSTIN is required for those with turnover above Rs 40 lakhs.

It is a voluntary and contributory pension scheme with a provision for minimum assured pension of Rs 3,000 monthly on attaining the age of 60 years. The beneficiary should not be income tax payer and also not a member of any other government operated pension schemes.

As per the scheme’s provisions, the central government will deposit 50 per cent share of the monthly contribution and remaining 50 per cent contribution shall be made by the beneficiary.

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