From UPSC perspective, the following things are important :
Prelims level : About the pension scheme
Mains level : Minimum assured pension for all
- The newly-inducted Union Cabinet, in its first meeting, approved a mega pension scheme to provide a minimum assured pension of ₹3000 per month to all small shopkeepers and retail traders.
New Pension Scheme for small shopkeepers, retail traders
- The new scheme is a part of PM universal social security programme.
- Under the scheme, all shopkeepers, retail traders and self-employed persons are guaranteed a monthly pension amount of ₹3,000 once they attain the age of 60 years.
- It aims at benefiting over 3 crore traders and shopkeepers.
- The new scheme is a voluntary and contributory pension scheme on a 50:50 basis where a prescribed age-specific contribution shall be made by the beneficiary and a matching contribution by the central government.
- For example if an individual contributes ₹100 per month, then the central government also contributes the equal amount as subsidy into subscriber’s pension account every month.
Beneficiaries of the scheme
- All small shopkeepers and self-employed persons as well as the retail traders with GST turnover below ₹5 crore and age between 18-40 years can enroll for this scheme.
- To make it easier for the trading community, minimal documentation is required to avail the scheme.
- One needs the 12-digit Aadhaar card number and the bank account details for enrolling in the pension scheme.
- Common people can enroll themselves through over 3.25 lakh common service centres spread across the country.