National Pension Scheme for Traders and Self Employed Persons

National Pension Scheme for Traders and Self Employed Persons
  • Name of the Scheme: National Pension Scheme for Traders and Self Employed Persons
  • Launched by: Prime Minister Narendra Modi
  • Launched on: 12th September 2019
  • Venue: Ranchi, Jharkhand

What is the National Pension Scheme for Traders and Self Employed Persons?

  • It is a pension scheme for Vyaparis i.e. shopkeepers/retail traders and self-employed persons. The pension scheme will provide an amount Rs 3000 to the beneficiaries after they attain the age of 60 years. It is a voluntary and contributory scheme, in which the government and the beneficiary will make an equal contribution. It means the government will give 50% of the monthly contribution and the beneficiary will give 50% of the monthly contribution.
  • The pension of Rs 3000 can be received after 60 years of age by making a monthly contribution of Rs 55 to Rs 200 depending on the age of Beneficiary. It means the monthly contribution depends upon the age of shopkeeper/retailer at the time of entry in the scheme. For example, a beneficiary is required to contribute as little as Rs.100/- per month at a median entry age of 29 years.
  • If any beneficiary dies, then his/her spouse will be entitled to receive 50% of the pension as family pension.

Who is eligible for the Scheme?

  • Shopkeepers, retail traders and self-employed persons who have an annual turnover not exceeding Rs 1.5 crore are only eligible for the scheme.
  • The shopkeepers, retail traders should be in the age group of 18-40 years.
  • The beneficiary should not be an income taxpayer and should be not a member of EPFO/ESIC/NPS (Govt.)/PM-SYM.

How to enroll for the scheme?

  • With the launch of the scheme, the government has provided a facility of enrollment for the scheme through 3.50 lakh Common Service Centres (CSCs) across the country. However, beneficiaries can also enroll themselves online through the portal www.maandhan.in/vyapari
  • The steps for enrolling at the CSC centre are as follows- 
    • A person who wishes to enroll to the scheme will have to visit the nearest Common Service Centre (CSC) with his/her Aadhaar Card and savings/Jan-Dhan account passbook. 
    • Then monthly contribution amount for the scheme will be calculated at the Centre based on the age of the person.
    • After the calculation of the amount, the person has to pay the first contribution at the Centre in cash.
    • After this, the person will have to sign the nomination form and auto-debit mandate form. 
    • After all the process is completed, the beneficiary will be issued the Pension Card and further monthly contributions will be debited from his/her savings/Jan-Dhan account automatically from the next month. 

Quick Facts

  • The pension for the scheme will be provided by the Life Insurance Corporation (LIC) of India. The corporation is currently having two annuity schemes – Jeevan Akshay and Jeevan Shanti.
  • According to the government's 100-day plan, this scheme will target to enroll 25 lakh subscribers in 2019-20 and 2 crore subscribers by the year 2023-2024.
  • It is estimated that 3 crore Vyaparis in the country are expected to be benefitted under the pension scheme.

Questions

Q: 1. Who launched the National Pension Scheme for Traders and Self Employed Persons?
1. Narendra Modi
2. Raghubar Das
3. Draupadi Murmu
4. Ram Nath Kovind
5. Santosh Kumar Gangwar

Answer- (1)
Explanation-
Prime Minister Narendra Modi launched the National Pension Scheme for Traders and Self Employed Persons in Ranchi, Jharkhand on 12th September 2019.

Q2. What is the minimum age limit for the shopkeepers/retailers to enrol for the National Pension Scheme for Traders and Self Employed Persons?
1. 25 years
2. 40 years
3. 30 years
4. 18 years
5. 21 years

Answer- (4)
Explanation-
The minimum age limit for a shopkeeper/retailer to enroll in the National Pension Scheme for Traders and Self Employed Persons is 18 years. The shopkeepers, retail traders should be in the age group of 18-40 years to be eligible for the scheme.

Q3. What should be the annual turnover of the Shopkeepers, retail traders and self-employed persons to be eligible for the National Pension Scheme for Traders and Self Employed Persons?
1. Rs 3.5 crore
2. Rs 1.5 crore
3. Rs 1 crore
4. Rs 2.5 crore
5. Rs 3 crore

Answer- (2)
Explanation-
Shopkeepers, retail traders and self-employed persons who have an annual turnover not exceeding Rs 1.5 crore are only eligible for the scheme.
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