Government of India Pension Scheme for Small Shopkeepers and Traders; 3,000 will get a pension of Rs

Government of India has announced a new pension scheme for small shopkeepers/traders/grocers. People covered under this scheme will get a lifetime pension of Rs 3,000 from the age of 60.

The scheme has not been officially launched yet. It will start shortly. Please note that complete details of this scheme are not yet available. I am writing here according to the information so far. I will update the post as more information comes in.

This scheme is only for shopkeepers, grocers and small traders. Under this scheme, you will get a minimum pension of Rs 3,000 when you complete 60 years of age.

How does Shopkeeper/Tradesman Pension Scheme work?

If you are eligible, you invest till age 60. From the age of 60 you get a lifetime monthly pension of Rs 3,000.

There is a guarantee from the government. There is no risk to your pension if you contribute to a pension scheme.

  1. You have to invest till the age of 60 years. Your monthly investment depends on your entry age. Till the age of 60 you have to invest only one thing. The Government of India will also contribute the same to your pension account.
  2. From the age of 60 you will get a monthly pension of Rs 3,000. This pension will be available for lifetime.
  3. Your wife will get pension after you. It is still not clear whether your wife/husband will get full pension or half.

Who can join Shopkeepers/Traders Pension Scheme?

  1. Your age (at the time of joining the scheme) should be between 18 to 40 years.
  2. All small shopkeepers/professionals/self-employed persons can participate in this. Your GST turnover should be less than Rs 1.5 crore.

How to join Shopkeepers/Traders Pension Scheme?

  1. All you need is an Aadhaar card and a bank account. Your Aadhaar card should be linked with a bank account.
  2. You can join the scheme by visiting a Common Service Center (CSC).
  3. Once you join the scheme, the investment amount will be automatically deducted from your bank account and invested.

Once you complete 60 years of age, this money will automatically come into your account.

Do I have to contribute to avail this pension scheme?

yes, Atal Pension Yojana (APY) And Pradhan Mantri Shram Yogi Mandhan Yojana (PM-SYM) Like you have to contribute too.

Note that no contribution has to be made to Pradhan Mantri Kisan Samman Nidhi Yojana (PM-KISAN).

How much should be invested?

Your monthly investment amount depends on your age.

Full information about this is not available yet, but I think the investment amount Pradhan Mantri Shram Yogi Mandhan Yojana (PM-SYM) will be the same.

The monthly investment amount in PM-SYM is as follows:

Read: What is the difference between Pradhan Mantri Shram Yogi Mandhan Yojana (PM-SYM) and Atal Pension Yojana (APY)?

Additional links

Announcement of Shopkeepers/Traders Pension Scheme of Government of India

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