In one of the its first cabinet decision, Narendra Modi led NDA government after its recent emphatic re-election approved a new scheme that offers pension coverage to the trading community. This was a major poll promise made by the BJP for the welfare of over 7 crore strong traders community in the country.
The approved scheme entails all shopkeepers, retail traders and self-employed persons availing a minimum monthly pension of Rs. 3,000/- month after 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 and age between 18-40 years, can enrol for this scheme. The scheme would benefit more than 3 crore small shopkeepers and traders.
The scheme is based on self-declaration as no documents are required except Aadhaar and bank account.