Pension for small retail traders and shopkeepers: Approved



The Union Cabinet has approved a monthly pension scheme for small retail traders and shopkeepers.

  • All small shopkeepers, retail traders and self-employed persons are assured a minimum of Rs.3,000 monthly pension after attaining 60 years of age.
  • The scheme offers pension coverage to the trading community
  • It covers 3 crore small retail traders and shop keepers.

Eligibility: to enrol for pension scheme.

  • All small shopkeepers, self-employed persons and retail traders
  • aged between 18-40 years
  • with Goods and Service Tax (GST) turnover below Rs.1.5 crore

Requirements:

  • The scheme is based on self-declaration
  • No documents are required except bank account and Aadhaar Card.

The Central Government will make matching contribution (same amount as subscriber contribution) i.e. equal amount as subsidy into subscriber’s pension account every month.

eg: If shopkeeper deposits 1000 rs every month government will add 1000 rs to the pension account.


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