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NPS Traders Scheme: Now traders can get up to 3 thousand pension every month, know how to avail benefits

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new Delhi. Pension facility is provided to the employed people under provident fund organization and other government schemes. These schemes provide financial security after the job or even while on the job. But till now there was no such facility for the merchant class. In view of the crisis of Coronavirus Pandemic, the government has now decided to add business class and self-employed people under the pension scheme. Through the Self-Employed Pension Scheme Self-Employed NPS-Traders Scheme, businessmen can take a monthly pension of up to 3 thousand rupees. So how to take advantage of this scheme and what are the important things related to it.

Who can avail
The benefit of the NPS-Traders Scheme will be given to retail traders, shopkeepers and self-employed individuals. Those who have an annual turnover of not more than Rs 1.5 crore can apply in this scheme. The scheme includes retail traders, self-employed businesses, mill owners, commission agents, real estate brokers, owners of small hotels and restaurants, and other small businesses. The person applying in this should be between 18 and 40 years old.

Benefits of the scheme
It is a voluntary and contributory pension scheme. In which, at the age of 60, the applicant gets a minimum pension of Rs 300 per month. If the customer dies during this period, the beneficiary’s spouse will be entitled to receive the pension amount. Family members will get 50% of the pension amount.

Conditions related to the scheme and the procedure for applying
To apply under NPS-Traders Scheme, the applicant must be working in any organized sector or have membership of EPF, NPS ESIC. Applicant should have Aadhaar Card, Savings Bank Account / Jan Dhan Account Number. To apply you have to visit the nearest Common Services Center (CSC). Enroll for NPS-traders here using Self Attached Aadhar Card and Savings Bank / Jan-Dhan Account Number. The first subscription will have to be paid in cash and the auto debit payment facility will start from next month.

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