Budget 2019: Govt Extends Pension Scheme to Traders, Shopkeepers

Image used for representation.

(Photo: Vikram Venkateswaran/The Quint)

Presenting her maiden Union Budget in the Parliament on Friday, 5 July, Finance Minister Nirmala Sitharaman announced the Pradhan Mantri Karm Yogi Maan Dhan pension scheme for small traders and shopkeepers.

Under the scheme, pension benefits will be extended to retail traders and shopkeepers whose annual turnover is less than Rs 1.5 crore.

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The finance minister announced that enrolment in the scheme will be simple, requiring only Aadhaar number and bank account, while the rest will be self-declaration.

Earlier in February, presenting the interim budget, Piyush Goyal had announced the ‘Pradhan Mantri Shram Yogi Maan-Dhan Yojana’ which covered workers in the unorganised sector whose monthly income is Rs 15,000 or less and belong to the entry age group of 18-40 years.

Under the scheme, the beneficiaries will receive a monthly pension of Rs 3,000 after the age of 60.

During her speech, Sitharaman said that 3 crore retail traders will be benefited by the scheme.