Advertisement

Updated May 31st, 2019 at 21:00 IST

Modi Cabinet 2.0 announces Shramyogi Mandhan Yojna - pension for over three small traders, shopkeepers

After taking decisions on schemes which benefit the poor as well as low-income farmers, PM Narendra Modi and his cabinet took another decision that will affect three crore traders and shopkeepers.

Reported by: Apoorva Rao
| Image:self
Advertisement

After taking decisions on schemes which benefit the poor as well as low-income farmers, PM Narendra Modi and his cabinet took another decision that will affect three crore traders and shopkeepers.

The Union Cabinet has approved to provide universal social security scheme which assured all shopkeepers, retail traders and self-employed persons minimum monthly pension of Rs 3,000 per month after they reach the age of 60 years.

Those eligible for the scheme are small shopkeepers and self-employed people, and retail traders with GST turnover below Rs 1-5 crore. The age limit for subscribers of the pension is between 18-40 years. The scheme is run through the Life India Corporation (LIC). 

Those over 28 years of age will have to pay Rs 100 and those over 40 years of age will have to pay to Rs 200 to benefit from the scheme.

The government will match its contribution to the amount paid by the subscribers' account.

READ | "Our Government’s First Decision Dedicated To Those Who Protect India!," Writes PM Modi As Cabinet Approves Major Changes In PM’s Scholarship Scheme

Addressing the media on the cabinet meeting that took place earlier on Friday, Union Minister Prakash Javadekar said:

"One more decision has been taken for the small shopkeepers, a pension scheme has been initiated for them. Five crore small businessmen and traders are included in this. If their age is over 28, then Rs 100 per month will be the cost of this scheme, those over 39 years of age will have to pay Rs 200. This too is a landmark decision."

Read the details of the scheme below:

WATCH: PM Narendra Modi Speaks About Accidental Insurance, Pension Scheme For Traders During Mega-outreach In New Delhi

Earlier on Friday, PM Narendra Modi and his cabinet of ministers held the first ever meeting at South Block in Secretariat building.

The decision of extending the PM-Kisan Yojana's periphery taken on Friday. Under this scheme, households with agricultural landholdings smaller than two hectares or five acres are eligible to receive Rs 6,000 annually as direct benefit transfers from the Centre.

MASSIVE | Modi Govt Plans Broad-basing Farmers Welfare Scheme, Will Discuss Extending PM Kisan Samman Nidhi Yojana To All Poor Farmers Including Landless Farmers: Sources

Advertisement

Published May 31st, 2019 at 20:52 IST

Your Voice. Now Direct.

Send us your views, we’ll publish them. This section is moderated.

Advertisement
Advertisement

Trending Quicks

Ramban Accident
7 minutes ago
Bitcoin
9 minutes ago
Lok Sabha Elections 2024 LIVE
11 minutes ago
Faridabad Fire: Massive Blaze Engulfs Factory in Bhankri Village, Panic Grips Locality
21 minutes ago
Riyan Parag
22 minutes ago
Raw Mango
25 minutes ago
Byju's leadership dispute
26 minutes ago
Advertisement
Advertisement
Advertisement
Whatsapp logo