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1-min read

Sitharaman Announces Pension Scheme for Retail Traders, Small Shopkeepers

The Pradhan Mantri Karam Yogi Maandhan Scheme aims to provide a monthly pension of Rs 3,000 to about 60 crore workers in unorganised and informal sectors over the age of 60 years.

News18.com

Updated:July 5, 2019, 5:20 PM IST
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Sitharaman Announces Pension Scheme for Retail Traders, Small Shopkeepers
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New Delhi: Finance Minister Nirmala Sitharaman on Friday announced the Pradhan Mantri Karam Yogi Maandhan Scheme under which pension benefits will be extended to about 3 crore retail traders and small shopkeepers whose annual turnover is less than Rs 1.5 crore. Sitharaman said the process for availing the scheme would be simple and would require only Aadhaar number and a bank account.

RATE The Budget

The scheme aims to provide a monthly pension of Rs 3,000 to about 60 crore workers in unorganised and informal sectors over the age of 60 years. A similar scheme, titled ‘Pradhan Mantri Shram Yogi Maan-dhan Yojana’, was launched by Prime Minister Narendra Modi in March this year during the Interim Budget. About 30 lakh workers have already joined the scheme.

In a bid to incentivise the National Pension Scheme (NPS), Sitharaman raised the limit of exemption on withdrawal from 40% to 60%. For central government employees, the government has further allowed deduction for employer’s contribution up to 14% of salary from current 10%.

An amount of Rs 900 crore was allotted for the government’s flagship Pradhan Mantri Kisan Pension Yojana that offers Rs 6,000 annually to over 14 crore farmers.

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