National Pension Scheme: NPS scheme is designed to protect the elderly and provide social security for Small Scale Traders and Retailers. After reaching the age of 60, the beneficiary is entitled to a minimum assured income of Rs. 3000/- per month, and if the beneficiary dies, the beneficiary’s spouse is entitled to 50% of the pension as a family pension.
A family pension is only available to spouses. Self-employed Vyaparis who work as shop owners, retail traders, rice mill owners, oil mill owners, workshop owners, commission agents, real estate brokers, and other Vyaparis with similar occupations whose annual turnover does not exceed 1.5 crores are eligible to benefit from the scheme.
At the scheme’s maturity, an individual will be entitled to a monthly pension of 3000/-. The pension amount assists pension holders in meeting their financial obligations.
The initiative is a tribute to the workers in the unorganised sectors, who provide around 50% of the nation’s GDP.
Applicants between the ages of 18 and 40 will be required to make monthly contributions ranging from $55 to $200 per month until they reach the age of 60.
The applicant can collect the pension amount after he or she reaches the age of 60. Every month, a fixed pension sum is deposited into the individual’s pension account.
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