National Pension Scheme for Traders and Self-Employed Persons

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The government has launched National Pension Scheme for Traders and Self Employed Persons for the Vyaparis. The target of the scheme is to enroll 25 lakh subscribers in 2019-20 and 2 crore subscribers by 2023-2024. An estimated 3 crore Vyaparis in the country are expected to be benefitted under the pension scheme. The enrolment under the scheme is free of cost for the beneficiaries. The enrolment is based upon self-certification.

National Pension Scheme for Traders and Self-Employed Persons

Features of National Pension Scheme for Traders and Self-Employed Persons

  • It is voluntary and contributory pension scheme
  • Beneficiaries: shopkeepers/retail traders and self-employed persons
  • The annual turnover of beneficiary should not exceed Rs 1.5 crore
  • Enrollment through 3.50 lakh Common Service Center (CSCs)
  • Beneficiary should have an Aadhaar card and a saving bank
  • Age: 18 to 40 years
  • GSTIN is required only for those with turnover above Rs. 40 lakhs
  • Minimum assured pension: Rs 3,000/- monthly
  • Pension on attaining the age of 60 years
  • The beneficiary should not be income tax payer and also not a member of EPFO/ESIC/NPS (Govt.)/ Pradhan Mantri Shram Yogi Maandhan Yojana/ Pradhan Mantri Kisan Maandhan Yojana
  • Government shall give 50 % share of the monthly contribution and remaining 50% contribution shall be made by the beneficiary. The monthly contributions ranges between Rs 55 to Rs 200 per month
  • Family Pension: if the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension as family pension. Family pension is applicable only to spouse
  • Pension Fund Manager: LIC will be the Pension Fund Manager

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