Prime Minister Shri. Narendra Modi recently launched the National Pension Scheme for Traders and Self Employed Persons. This pension scheme is eligible for all traders and self-employed businesses. (For the persons with less than 1.5 crores annual turnover)
It is one of the government schemes to provide security to the old aged group and small-scale retailers. It is a national pension scheme for retailers, shopkeepers, and self-employed persons.
You must have come across this article looking for the application process. Fortunately, you are in the right place. In this article, we have added all the details that one needs to know for completing National Pension Scheme for Traders and Self Employed person registration.
Features
To be an instance, this is a voluntary and contributory pension scheme. If the person is aged above 60, then the one will get 3000 Rs monthly under this scheme to cover the households. However, if the volunteer person gets died, then the spouse will receive 50% of the pension amount monthly.
- On maturity, the subscriber is entitled to receive 3000 Rs as a monthly pension under the NPS program.
- The scheme is for the unorganized sector that contributes 50% of their income to the GDP.
- People need to contribute each month from the age of 18 to 40.
- Once the subscriber attainted the 60 maturity age, one is entitled to receive 3000 Rs pension every month.
- The monthly subscription amount is low to make it affordable. For example, a person of 29 years of age, can contribute as low as 100 Rs a month.
You may also like to read, National Pension System – Overview
Eligibility for NPS-Traders
You need to be eligible for the application of NPS-Traders. You can check the eligibility below.
- Small-scale workers or self-employed retailers with an annual turnover of fewer than 1.5 crores can apply for this scheme.
- The person should come under the age group of 18-40.
- The annual turnover of the person or retailer should not get exceed 1.5 Crores.
- The subscriber should have an aadhar card and a savings bank account with Jandhan Yojana.
- GSTIN number is required for the people who are exceeding the turnover of Rs 40 Lakhs and above.
- Income Tax Payer is not eligible for the National Pension Scheme.
- One is not entitled to be a member of EPFO/ESIC/NPS.
How to Apply for the National Pension Scheme – Traders?
One can apply for the National Pension Scheme for Traders and Self Employed persons using the steps that we have given below.
- You need to visit the Common Service Center. Alternatively, one can also apply it online using the portal.
- You need to enter the aadhar card details along with bank information on the application form.
- You need to pay the initial amount to Village Level Entrepreneur (VLE).
- Village Level Entrepreneur (VLE) will validate the aadhar information and will complete the registration.
- The system will automatically calculate the monthly contribution required for this scheme.
- That’s it.
Conclusion
Once the enrollment for the National Pension Scheme gets done, one is entitled to receive the Vyapari Pension Account Number (VPAN). The National Pension Scheme for Traders and Self Employed Persons is free of cost.
In this article, we have added all the information that one needs to know about National Pension Scheme. If there is anything that is not understandable? Feel free to ask us in the comments section.
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