Pension Schemes Current Affairs - 2020

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National Pension Scheme for traders: Not successful as expected

The National Pension Scheme for traders, Shopkeepers and Self-Employed persons, also called the Pradhan Mantri Laghu Vyapari Maan-dhan Yojana was launched in July 2019. It aimed at benefitting 3 crore small traders and shopkeepers

Highlights

The Government set a target of 50 lakh enrolment by the end of March 2020. However, only 25,000 persons have applied so far.

Among all states Uttar Pradesh has highest registrations with 6,765 persons. No one has so far registered in the scheme in the states of Mizoram and Lakshadweep.

About the scheme

The scheme is being implemented by Ministry of Labour and Employment. In order to enrol in the scheme, GSTIN is required only for those whose turnover is above Rs 40 lakhs. Also, the participant of the scheme should not be an income tax payer.

Concerns

Under the scheme the subscribers will receive monthly pension of Rs 3000 after the age of 60. The persons in the age of 18-40 years are eligible to apply to the scheme.

The beneficiaries of the scheme believe that the majority of the population start their pension plans between 40 and 55. The scheme excludes the age group between 40 and 55. Also, Rs 3000 being provided as premium after 30 years will hardly have value as money would have inflated by then.

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Labour Ministry is celebrating Pension Week

The Labor Ministry is celebrating pension week from November 30, 2019 to December 6, 2019 in order to increase enrolments under National Pension Scheme (NPS) for traders and Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM). The aim of the celebration is to enroll 1 crore beneficiaries under PMSYM and 50 lakh beneficiaries under NPS-traders.

Highlights

The observation of the week was inaugurated by the Minister of State for Labour and Employment Shri Santosh Gangwar. As a part of the celebration, awareness campaigns are to be organized among 10 crore Ayushman beneficiaries, 40 lakh Anganwadi workers during the initial days. The campaigns will explain the pension schemes being offered by the Government of India and their benefits and importance. The campaign will also include 2.5 crore Self Help Group members, 4 to 5 crore building and other construction workers and 10 lakh ASHA workers.

Significance

In order increase enrollments the monthly contribution of the scheme has been kept at the lowest level ranging from Rs 55 to 200 per month. When a person joins a pension scheme he enjoys tax deduction up to 10% of basic salary. The schemes are designed in such a way that after retirement the person can fulfil his basic needs with a minimal monthly amount, say Rs 6000.

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