Minimum monthly pension of Rs 3,000 under new Scheme: Labour Min Gangwar

New Delhi: Union Minister of State (I/C) for Labour and Employment Santosh Kumar Gangwar said that the National Pension Scheme for Traders, Shopkeepers and Self-Employed Persons, launched on 12 September 2019, is a voluntary and contributory pension scheme. Enrolment to the Scheme is done through the Common Service Centres, with its network of 3.50 lakh Centres across the country.  

Eligible persons can also self-enroll through visiting the portal The traders in the age group of 18-40 years with an annual turnover, not exceeding Rs.1.5 crore and who are not a member of Employees’ Provident Fund Organisation (EPFO), Employees State Insurance Corporation (ESIC), National Pension System (NPS) or PM-Shram Yogi Maandhan Yojana (PM-SYM) or an income tax payer, can join the scheme.

Under the Scheme, 50% monthly contribution is payable by the beneficiary and equal contribution is paid by the Central Government. Subscribers, after attaining the age of 60 years, are eligible for a monthly minimum assured pension of Rs 3,000.

As it has been launched on 12 September 2019, it envisages a coverage of about 50 lakh enrolments under the Scheme for 2019-20. In order to achieve this, various measures including celebration of Pension Week have been taken.  

All State and UT Governments were requested to popularise and spread awareness about the Scheme. The progress of the Scheme is being reviewed regularly in the Ministry at senior level with State/UT Governments for taking initiatives under Mission Mode.

This information was given by Santosh Kumar Gangwar Union Minister of State (I/C) for Labour and Employment in a written reply to a question in Lok Sabha today.

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The ID Staff

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