The new Union Cabinet, in its first gathering, affirmed a super annuity plan to give a base guaranteed benefits of ₹3000 every month to every single small shopkeeper and retail dealers. This new plan is a piece of PM Universal Social Security Programme.
Under the plan, all businesspeople, retail merchants and independently employed people are ensured a month
to month benefits measure of ₹3,000 once they achieve the age of 60 years.
It goes for profiting more than 3 crore dealers and retailers.
The new plan is a deliberate and contributory pension scheme on a 50:50 basis where an endorsed age-explicit commitment will be made by the recipient and a coordinating commitment by the union government.
For instance in the event that an individual contributes ₹100 every month, at that point the focal government additionally contributes the equivalent sum as endowment into endorser’s benefits accounts each month.
Every single small businessperson and independently employed people just as the retail merchants with GST turnover underneath ₹5 crore and age between 18-40 years can select for this plan.
To make it simpler for the traders’ community, negligible documentation is required to profit the plan. One needs the 12-digit Aadhaar card number and the bank account details for trying out the benefits of the pension scheme. The citizens can select themselves through over 3.25 lakh common service centers that are spread the nation over.
The scheme, if implemented properly, will be a great measure of financial and social security for small traders in their old age.