In its first cabinet meeting on Friday, the Modi government approved the new pension scheme for the traders and shopkeepers. The pension scheme assures a monthly pension of Rs. 3,000 to all retail traders, shopkeepers, and self-employed after attaining the age of 60 years. The pension scheme fulfils the polls promise.

The decision was taken at the Union Cabinet meeting chaired by Honourable Prime Minister Narendra Modi. The new pension scheme is expected to benefit almost three crore retail traders and shopkeepers.

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Prakash Javadekar, Union Minister, while briefing the reporters, said, five crore traders are expected to join the scheme in the next three years.

“All shopkeepers and self-employed persons as well as retail traders with GST turnover below Rs. 1.5 crore and aged between 18-40 years can enrol for the scheme,” an official statement said. Interested businessmen can enrol themselves for the pension scheme through over 3.25 lakh common service centres across the country. Matching contributions will be made by the government in the subscriber’s account, the statement added.

Praveen Khandelwal, Confederation of All India Traders Secretary-General, “It is a landmark initiative of the Prime Minister for which traders across the country are really happy. It shows the concern of the Prime Minister towards the trading community of the country, and we hope that in this tenure, small traders will be on the government’s priority list.”

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Source: ET Retail