Pension Scheme For Shopkeepers, Traders

The Modi 2.0 government in its first Cabinet meeting on Friday approved a new scheme, which assures minimum monthly pension of Rs. 3,000 to all shopkeepers, retail traders, and self-employed persons after attaining the age of 60 years, fulfilling its poll promise. 

The decision taken at the Union Cabinet meeting chaired by Prime Minister Narendra Modi will benefit 3 crore retail traders and shopkeepers.    

Five crore traders are expected to join the scheme in the next three years, Union Minister Prakash Javadekar said while briefing reporters at a press conference.    

"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 enroll for the scheme," an official statement said.

Interested persons can enroll themselves through over 3.25 lakh common service centers spread across the country. The government will make a matching contribution in the subscribers' account.

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