India’s new cabinet on May 31 approved a scheme offering pension coverage to traders. All shopkeepers, retail traders and self-employed persons are assured a minimum monthly pension of ₹3,000 after turning 60. The scheme, expected to benefit more than 3 crore, is based on self-declaration as no documents are required except Aadhaar and bank account. This is part of the Prime Minister Narendra Modi’s vision to provide a robust architecture of universal social security, according to a press release from the ministry of labour and employment. All small shopkeepers, self-employed persons and retail traders with goods and services tax (GST) turnover below ₹1.5 crore and age between 18 and 40 can enrol for this scheme. Interested persons can enrol themselves through more than 3,25,000 Common Service Centres spread across the country.
