From UPSC perspective, the following things are important :
Prelims level : About the scheme
Mains level : Benefits and coverage of Pension Schemes in India
- PM has launched the National Pension Scheme for Traders and Self Employed Persons, a pension scheme for the Vyaparis (shopkeepers/retail traders and self-employed persons),
About the Scheme
- 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 eligible Vyaparis can visit their nearest CSCs and get enrolled under the scheme. In addition people can also self-enroll by visiting its portal.
- At the time of enrollment, the beneficiary is required to have an Aadhaar card and a saving bank/ Jan-dhan Account passbook only.
- He/ She should be within 18 to 40 years of age group. GSTIN is required only for those with turnover above Rs. 40 lakhs.
- The enrolment under the scheme is free of cost for the beneficiaries. The enrolment is based upon self-certification.
- An estimated 3 crore Vyaparis in the country are expected to be benefitted under the pension scheme.
- Vyaparis with annual turnover not exceeding Rs 1.5 crore are eligible for the pension.
- The beneficiary should not be income tax payer and also not a member of EPFO/ESIC/NPS (Govt.)/PM-SYM.
- The Central Government shall give 50 % share of the monthly contribution and remaining 50% contribution shall be made by the beneficiary.
- The monthly contribution is kept low to make it affordable. For example, a beneficiary is required to contribute as little as Rs.100/- per month at a median entry age of 29 years.