Pension scheme fails to take off-THE HIUNDU-03-03-2020

Details:

Just over 34,000 people have signed up for the National Pension Scheme for Traders, Shopkeepers and Self-Employed Persons, which was introduced on September 12, 2019, Union Labour and Employment Minister Santosh Kumar Gangwar informed the Lok Sabha on Monday.

National Pension Scheme for Traders, Shopkeepers and Self-Employed Persons:-

The scheme, also known as Pradhan Mantri Laghu Vyapari Maan-dhan Yojana, was introduced in 2019.
It is a voluntary and contribution-based central sector scheme.

Retail traders, shopkeepers and self-employed persons who are between 18 and 40 years of age and have an annual turnover of 1.5 crores or less are eligible for the scheme.

Under the scheme, the government makes a matching contribution to the subscriber’s account.

Each eligible subscriber under this Scheme shall receive assured minimum monthly pension of Rs 3000 after attaining the age of sixty years.