Topics covered:
- 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 Centre’s pension scheme for small traders- Pradhan Mantri Laghu Vyapari Maan-dhan, Yojana 2019– has been notified and is being introduced on a trial basis.
Key features:
- 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.
- 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 assessee.
- The scheme is based on self-declarationas 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.
Sources: the Hindu.
