Brief on National Pension Scheme for
Traders and Self-Employed Persons (NPS-Traders)
2019
The scheme is meant for old age
protection and social security of retail traders/ shopkeepers and self-employed
persons whose annual turnover is not exceeding Rs. 1.5 crore. These retail
traders/ shopkeepers and self-employed persons are mostly working as shop
owners, retail traders, rice mill owners, oil mill owners, workshop owners,
commission agents, brokers of real estate, owners of small hotels, restaurants
and other Laghu Vyaparis.
Eligibility Criteria
Should be a retail trader/ shopkeeper
or self-employed persons
Entry age between 18 and 40 years
Annual turnover is Rs. 1.5 crore or
below
Should not be
Engaged in Organized Sector (membership
of EPF/NPS/ESIC)
A beneficiary of PM-SYM
An income tax payer
He/ She should possess
1.
Aadhar card
2.
Savings Bank Account / Jan Dhan account
number with IFSC
Features: It is a voluntary and contributory pension scheme, under which the
subscriber would receive a minimum assured pension of Rs 3000/- per month after
attaining the age of 60 years and if the subscriber dies, the spouse of the
beneficiary shall be entitled to receive 50% of the pension as family pension.
Family pension is applicable only to spouse.
Contribution by the retail traders/
shopkeepers and self-employed persons : Through
‘auto-debit’ facility from his/ her savings bank account/ Jan- Dhan account from
the date of joining NPS-Traders till the age of 60 years as per the chart
below. The Central Government will also give equal matching contribution in his
pension account.
|
Entry Age
|
Superannuation Age
|
Member's monthly contribution
(Rs)
|
Central Govt's monthly contribution
|
Total monthly contribution (Rs)
|
|
(1)
|
(2)
|
(3)
|
(4)
|
(5)= (3)+(4)
|
|
18
|
60
|
55
|
55
|
110
|
|
19
|
60
|
58
|
58
|
116
|
|
20
|
60
|
61
|
61
|
122
|
|
21
|
60
|
64
|
64
|
128
|
|
22
|
60
|
68
|
68
|
136
|
|
23
|
60
|
72
|
72
|
144
|
|
24
|
60
|
76
|
76
|
152
|
|
25
|
60
|
80
|
80
|
160
|
|
26
|
60
|
85
|
85
|
170
|
|
27
|
60
|
90
|
90
|
180
|
|
28
|
60
|
95
|
95
|
190
|
|
29
|
60
|
100
|
100
|
200
|
|
30
|
60
|
105
|
105
|
210
|
|
31
|
60
|
110
|
110
|
220
|
|
32
|
60
|
120
|
120
|
240
|
|
33
|
60
|
130
|
130
|
260
|
|
34
|
60
|
140
|
140
|
280
|
|
35
|
60
|
150
|
150
|
300
|
|
36
|
60
|
160
|
160
|
320
|
|
37
|
60
|
170
|
170
|
340
|
|
38
|
60
|
180
|
180
|
360
|
|
39
|
60
|
190
|
190
|
380
|
|
40
|
60
|
200
|
200
|
400
|
Enrollment Procedure: The retail traders/ shopkeepers and self-employed persons will be
required to visit the nearest Common Services Centre (CSC) and
get enrolled for NPS-Traders using Aadhaar Card and Savings bank/ Jan-Dhan
account number on self-certification basis. First subscription to be paid in
cash and auto debit from next month onwards.
Later, facility will be provided where the retail
traders/ shopkeepers and self-employed persons can also visit the NPS-Traders
web portal or can download the mobile app and self-register using Aadhar
number/ savings bank account/ Jan-Dhan account number on self-certification
basis.
Enrollment Agencies: The enrollment will be carried out by all the Common Services Centres in
the country.
Facilitation Centres: All the Labour offices of State and Central Governments, all the
branch offices of LIC, the offices of ESIC/EPFO will act as Facilitation
Centres to give full information to the retail traders/ shopkeepers and
self-employed persons about the Scheme, its benefits and the procedure to be
followed, at their facilitation desks/ help desks.
Fund Management: PM-SYM will be a Central Sector Scheme administered by the
Ministry of Labour and Employment and implemented through Life Insurance
Corporation of India and CSC e-Governance Services India Limited (CSC SPV). LIC
will be the Pension Fund Manager and responsible for Pension pay out.
Exit and Withdrawal: The exit provisions of scheme have been kept flexible.
a. If he/ she exits the scheme within a period of less than 10 years, the
beneficiary’s share of contribution only will be returned to him with savings
bank interest rate.
b. If subscriber exits after a period of 10
years or more but before 60 years of age, the beneficiary’s share of
contribution along with accumulated interest as actually earned by fund or at
the savings bank interest rate whichever is higher.
c. If a beneficiary has given regular
contributions and died due to any cause, his/ her spouse will be entitled to
continue the scheme subsequently by payment of regular contribution or exit by
receiving the beneficiary’s contribution along with accumulated interest as
actually earned by fund or at the savings bank interest rate whichever is
higher.
d. If a beneficiary has given regular
contributions and become permanently disabled due to any cause before 60 years,
and unable to continue under the scheme, his/ her spouse will be entitled to
continue the scheme subsequently by payment of regular contribution or exit the
scheme by receiving the beneficiary’s contribution with interest as actually
earned by fund or at the savings bank interest rate whichever is higher.
e. After the death of subscriber as well as his/her spouse, the entire
corpus will be credited back to the fund.
Default: If a subscriber has not paid the contribution continuously he/she will
be allowed to regularize his contribution by paying entire outstanding dues,
along with penalty charges, if any, decided by the Government.
Pension Pay out: Once the beneficiary joins the scheme at the entry age of 18-40 years,
the beneficiary has to contribute till 60 years of age. On attaining the age of
60 years, the subscriber will receive by DBT the assured monthly pension of
Rs.3000/- with benefit of family pension, as the case may be.
More Details and Grievance
Redressal: To know more details and to address any
grievances related to the scheme, subscriber can contact at customer care
number 1800 267 6888 which will be available on 24*7 basis. Web
portal/ app will also have the facility for registering the complaints
Gazette of India : https://labour.gov.in/sites/default/files/207531.pdf
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