NPS for traders and self-employed: Eligibility, features and more
New Delhi: National Pension Scheme for Traders and Self-Employed Persons (NPS-Traders) is a scheme meant for old age protection and social security of retail traders/ shopkeepers and self-employed persons whose annual turnover is not over 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:
In order to avail the benefits of this scheme, the individual should be a retail trader/shopkeeper or self-employed person between the age of 18 and 40 years. Their annual turnover shall be Rs 1.5 crore or below. They must Aadhaar card and savings bank account/Jan Dhan account number with IFSC.
The individual should not be engaged in the organized sector (membership of EPF/NPS/ESIC), a beneficiary of PM-SYM and an income taxpayer.
Features: It is a voluntary and contributory pension scheme, under which the subscriber would receive a minimum assured pension of Rs 3,000 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 a family pension. Family pension is applicable only to spouse.
Pension Payout: 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 3,000 with benefit of family pension, as the case may be.
Contribution by the retail traders/shopkeepers and self-employed persons: Through ‘auto-debit’ facility from their savings bank account/Jan- Dhan account from the date of joining NPS-Traders till the age of 60 years. The Central Government will also give an equal matching contribution in the pension account.
Enrolment 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. The first subscription is to be paid in cash and auto-debit will be enabled from next month onwards.
Later, the 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 Aadhaar number/ savings bank account/Jan-Dhan account number on self-certification basis.
Enrollment agencies: As per the official website, the enrolment will be carried out by all the CSCs 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 eligible people about the scheme, its benefits and the procedure to be followed.
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 (LIC) and CSC e-Governance Services India Limited (CSC SPV). LIC will be the Pension Fund Manager and responsible for Pension payout.
Exit and Withdrawal: The exit provisions of the scheme have been kept flexible. If a subscriber exits the scheme within a period of less than 10 years, the beneficiary’s share of contribution only will be returned with savings bank interest rate.
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 the fund or at the savings bank interest rate whichever is higher, will be returned.
If a beneficiary has given regular contributions and died due to any cause, their 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 the fund or at the savings bank interest rate whichever is higher.
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, their 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.
After the death of the subscriber as well as their spouse, the entire corpus will be credited back to the fund.
Default: If a subscriber has not paid the contribution continuously, they will be allowed to regularize their contribution by paying entire outstanding dues, along with penalty charges, if any, decided by the government.
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