Home Minister Amit Shah Terms Pension Scheme for Retail Traders, Shopkeepers as 'Landmark'

First Cabinet Modi 2.0

The newly inducted union cabinet, in its first meeting approved a new scheme which assures minimum monthly pension pf Rs.3000 Per month to small shopkeepers, retail traders and self employed people after attaining the age of 60 years. This is being done as part of the Modi government's efforts to offer universal social security.

"All small shopkeepers and self employed persons as well as the retail traders with GST turnover below Rs 1.5 crore and aged between 18-40 years, can enroll themselves for this scheme," an official statement said.

This enrollment can be done through more than 3.25 lakh common service centres across the country.

"The government will make matching contribution in the subscriber's account,: the statement added.

Hailing this as a landmark step, Praveen Khandelwal, Secretary General, Confederation of All India Traders, Said this had been one of the key demands of trading community.

"In its efforts to provide universal social security, Modi government has taken a landmark decision and approved a new scheme, which assures all shopkeepers, retail traders and self-employed persons a minimum monthly pension of Rs 3000 per month after the age of 60 years" - Amit Shah