Factly#1349 Just over 34,000 people sign up for traders pension scheme [4th March 2020]

News:Just over 34,000 people have signed up for the National Pension Scheme for Traders, Shopkeepers and Self-Employed Persons.

Facts:

National Pension Scheme for Traders, Shopkeepers and Self-Employed Persons/Pradhan Mantri Laghu Vyapari Maan-dhan Yojana

• It is avoluntary and contributorypension scheme.

• Nodal Ministry:Ministry of Labour & Employment

• Features:

• It assures a minimum monthly pension of ₹3000 per month to small shopkeepers, retail traders and the self-employed people after attaining the age of 60 years.

• The scheme is available to all small shopkeepers and self-employed persons and retail traders with Goods and Services tax (GST) turnover below Rs. 1.5 crore. The age limit is 18-40 years.

• Further, to be eligible, the applicants should not be covered under the National Pension Scheme, Employees’ State Insurance Scheme and the Employees’ Provident Fund or be an Income Tax assesse.