In the 1st cabinet meeting of Modi 2.0, central govt. has decided to launch a new universal social security scheme for Traders. Under Modi’s new pension scheme for retail traders and small shopkeepers, all the retailers would get Rs. 3,000 pension on attaining the age of 60 years. Around 3 crore retail traders and shop owners would be benefited from this pension scheme for traders in India.
PM Modi led NDA govt. is in action pack mode and fulfils yet another promise on the first day in government. Modi govt. has approved new scheme that offers pension coverage to the entire trading community.
The primary objective of PM Traders Pension Scheme 2019 is to ensure robust architecture of universal social security.
PM Pension Scheme for Retail Traders & Small Shopkeepers
Cabinet committee in its 1st meeting of 2nd tenure of Modi govt. has cleared a new pension scheme for traders in India. Around 3 crore retail traders as well as shopkeepers would be benefited from this move. India has rich tradition of trade and commerce and traders make huge contribution to India’s economic growth. In this decision to benefit trading community, PM Modi wants to ensure social security of small shop owners.
1. How the PM Modi Traders Pension scheme Works
The important features and highlights of Modi’s Traders Pension Scheme are as follows:-
- Under PM’s Traders pension Scheme, all shopkeepers, retail traders and self-employed persons would be provided with an assured minimum monthly pension of Rs. 3,000.
- The traders and shop owners would start receiving this amount on attaining the age of 60 years.
- All small shopkeepers and self-employed persons as well as the retail traders with GST turnover below Rs. 1.5 crore would be eligible for enrollment.
- The age of the beneficiary must lie between 18 to 40 years.
- PM Trader’s Pension Scheme to cover 3 crore small shopkeepers and retail traders.
Documents Required for PM Retail Traders Pension Scheme – The scheme is based on self-declaration as no documents are required except Aadhaar and bank account.
People first, people always.
Glad that path-breaking decisions were taken in the Cabinet, the first in this tenure. Hardworking farmers and industrious traders will benefit greatly due to these decisions.
The decisions will enhance dignity and empowerment of several Indians. pic.twitter.com/U9JTXeyoVm
— Narendra Modi (@narendramodi) May 31, 2019
The first few decisions of the Government are dedicated to those who feed India and protect India. pic.twitter.com/tAkT99nOs1
— PMO India (@PMOIndia) June 1, 2019
How to Apply for Traders & Shopkeepers Pension Scheme
All the interested persons can enrol themselves through more than 3,25,000 Common Service Centres spread across the country. The Government of India will make matching contribution in the subscribers account. For eg- in case a person of 29 years age contributes Rs. 100 per month, then central govt. would contribute equal amount as subsidy into subscribers pension account every month.
Modi’s Traders and Shop Keepers Pension Scheme Approval
Modi govt. has delivered this promise of Traders & Shopkeepers pension scheme on 1st day of 2nd tenure of central government. By laying a pension architecture for the trading community, PM Modi and his team have fulfilled a major promise made to the people of India. Shri Modi had spoken about the need of proving pension for traders, that would assure them a life of dignity and financial security especially during their old age.
PM’s Retailers Pension Scheme can also be seen in the light of several other steps taken for the welfare of traders, small and medium business. The GST process has been simplified after taking feedback from trading community. Similarly, Mudra loans also gave wings to the entrepreneurial zeal of young India. Moreover, business loans upto Rs. 1 crore are now easily available. This pension scheme for traders and shopkeepers and many more efforts would help the trading community.