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Indian cabinet clears pension scheme for traders

01
Jun '19
Indian cabinet clears pension scheme for traders
India’s new cabinet on May 31 approved a scheme offering pension coverage to traders. All shopkeepers, retail traders and self-employed persons are assured a minimum monthly pension of ₹3,000 after turning 60. The scheme, expected to benefit more than 3 crore, is based on self-declaration as no documents are required except Aadhaar and bank account.

This is part of the Prime Minister Narendra Modi’s vision to provide a robust architecture of universal social security, according to a press release from the ministry of labour and employment.

All small shopkeepers, self-employed persons and retail traders with goods and services tax (GST) turnover below ₹1.5 crore and age between 18 and 40 can enrol for this scheme.

Interested persons can enrol themselves through more than 3,25,000 Common Service Centres spread across the country. (DS)

Fibre2Fashion News Desk – India


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