- Welfare schemes for vulnerable sections of the population by the Centre and States and the performance of these schemes; mechanisms, laws, institutions and bodies constituted for the protection and betterment of these vulnerable sections.
Pension scheme for small retail traders and shopkeepers
What to study?
For prelims and mains: key features and significance of the scheme.
Context: The Union Cabinet has approved a monthly pension scheme for small retail traders and shopkeepers. The scheme that offers pension coverage to the trading community will cover 3 crore small retail traders and shop keepers.
- Under the scheme all small shopkeepers, retail traders and self-employed persons are assured a minimum of Rs.3,000 monthly pension after attaining 60 years of age.
- Eligibility: All small shopkeepers, self-employed persons and retail traders aged between 18-40 years and with Goods and Service Tax (GST) turnover below Rs.1.5 crore can enrol for pension scheme.
- The scheme is based on self-declaration as no documents are required except bank account and Aadhaar Card.
- The Central Government will make matching contribution (same amount as subscriber contribution) i.e. equal amount as subsidy into subscriber’s pension account every month.