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.

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.

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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:

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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.

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