The Modi Government had recently launched two pension schemes for traders and workers. Under the social security schemes, a married couple gets a yearly pension of Rs 72,000 by investing just Rs 100 a month, from the age of 30 years. Let’s take a look at these popular pension schemes named Pradhan Mantri Shram Yogi Maandhan and National Pension Scheme for Traders and Self-Employed Persons.
This scheme aims to protect workers in old age and looks after the social security of unorganized workers. Rickshaw pullers, head loaders, domestic and home-based workers, agriculture workers, construction and beedi workers among others, can enroll under Pradhan Mantri Shram Yogi Maandhan or PM-SYM.
The entry age of PM-SYM is 18 to 40 years. You must be a worker in the unorganized sector with a monthly income of Rs 15,000 or below. You must not be an income tax payer or engaged in work in the unorganized sector. (This is membership of EPF/NPS/ESIC). You must have an Aadhaar Card and PMJDY account to be eligible for PM-SYM.
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See Also: pension plans in india
See Also: Financial Plans For Retirement Benefits
The National Pension Scheme for traders and self-employed or NPS-Traders was launched for the social security of shopkeepers, traders and self-employed people whose annual turnover is up to Rs 1.5 Crores. These are mainly rice mill owners, workshop owners, commission agents, real estate brokers or small hotel and restaurant owners.
See Also: Types of Retirement Plans
This is a voluntary and contributory pension scheme. You get a minimum assured pension of Rs 3,000 a month after you attain the age of 60 years. If the subscriber dies, the beneficiaries' spouse gets 50% of the pension as a family pension.
Entry Age (Years) |
Superannuation Age (Years) |
Member's monthly contribution |
Central Govt's monthly contribution |
Total monthly contribution (Rs) |
(Rs) |
(Rs) |
|||
18 |
60 |
55 |
55 |
110 |
19 |
60 |
58 |
58 |
116 |
20 |
60 |
61 |
61 |
122 |
21 |
60 |
64 |
64 |
128 |
22 |
60 |
68 |
68 |
136 |
23 |
60 |
72 |
72 |
144 |
24 |
60 |
76 |
76 |
152 |
25 |
60 |
80 |
80 |
160 |
26 |
60 |
85 |
85 |
170 |
27 |
60 |
90 |
90 |
180 |
28 |
60 |
95 |
95 |
190 |
29 |
60 |
100 |
100 |
200 |
30 |
60 |
105 |
105 |
210 |
31 |
60 |
110 |
110 |
220 |
32 |
60 |
120 |
120 |
240 |
33 |
60 |
130 |
130 |
260 |
34 |
60 |
140 |
140 |
280 |
35 |
60 |
150 |
150 |
300 |
36 |
60 |
160 |
160 |
320 |
37 |
60 |
170 |
170 |
340 |
38 |
60 |
180 |
180 |
360 |
39 |
60 |
190 |
190 |
380 |
40 |
60 |
200 |
200 |
400 |
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