Aadhaar Is Now Mandatory For Self-Employed Persons (NPS-Traders): Check Details

The National Pension Scheme for Traders and Self-Employed Persons (NPS-Traders) 2019 is a scheme for the protection and social security of retail traders/shopkeepers and self-employed individuals with a yearly turnover of less than Rs. 1.5 crore. According to the official website of the Ministry of Labour Employment 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. To be eligible for benefits under the National Pension Scheme (NPS), a person must be a retail trader, shopkeeper, or self-employed person, should be between the age group of 18 and 40, and have an annual turnover of Rs. 1.5 crore or less. The person should not be engaged in an organized Sector (membership of EPF/NPS/ESIC), a beneficiary of PM-SYM, and an income taxpayer. For the application procedure, on a self-certification basis, retail traders/shopkeepers and self-employed people will be needed to visit their local Common Services Centre (CSC) and register for NPS-Traders using their Aadhaar card and Savings bank/ Jan-Dhan account number.The first months registration will be paid in cash, with limousine debit commencing the next month. Subsequently, retail traders/shopkeepers and self-employed people will be able to self-register using their Aadhaar numbers, savings bank account numbers, and Jan-Dhan account numbers by visiting the NPS-Traders online site or downloading the NPS mobile app.Advertisement It is a voluntary and contributory pension system under which the subscriber is provided with a minimum monthly pension of Rs 3000 after reaching the age of 60, and if the subscriber dies, the beneficiarys spouse is eligible to receive 50% of the pension as a family pension. Only the spouse is eligible for a family pension. At their facilitation desks/help desks, all state and central government labour offices, all LIC branch offices, and ESIC/EPFO offices will operate as Facilitation Centres to provide full details to retail traders/shopkeepers and self-employed persons about the Scheme, its benefits, and the procedures required.The Ministry of Labour and Employment will oversee PM-SYM, which will be executed by the Life Insurance Corporation of India and CSC e-Governance Services India Limited (CSC SPV). The Pension Fund Manager will be LIC, and they will be in charge of paying out the pensions. If a member has not made his or her contribution on a regular basis, he or she will be permitted to do so by clearing any overdue dues, as well as any penalty costs imposed by the government. Subscribers can call customer service at 1800 267 6888 for further details and to handle any concerns regarding the scheme which is accessible 24 hours a day, seven days a week. Complaints can also be registered using the web portal/app of NPS. Here are the exit and withdrawal rules under the National Pension Scheme according to the official website of the Ministry of Labour & Employment:If he/ she exits the scheme within a period of less than 10 years, the beneficiarys share of contribution only will be returned to him with a savings bank interest rate.If the subscriber exits after a period of 10 years or more but before 60 years of age, the beneficiarys share of contribution along with accumulated interest is actually earned by the fund or at the savings bank interest rate whichever is higher.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 beneficiarys 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 is 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 beneficiarys contribution with interest as actually earned by the fund or at the savings bank interest rate whichever is higher.After the death of the subscriber as well as his/her spouse, the entire corpus will be credited back to the fund. From the date of joining NPS-Traders until the age of 60 years, using the auto-debit feature from his/her savings bank account/ Jan-Dhan account one can make contributions as shown in the chart below:Entry AgeSuperannuation AgeMembers monthly contribution (Rs)Central Govts monthly contribution (Rs)Total monthly contribution (Rs)1234(5)= (3)+(4)1860555511019605858116206061611222160646412822606868136236072721442460767615225608080160266085851702760909018028609595190296010010020030601051052103160110110220326012012024033601301302603460140140280356015015030036601601603203760170170340386018018036039601901903804060200200400Source: https://labour.gov.in/nps-traders