Lohana Mahaparishad

SHREE LOHANA MAHAPARISHAD-
શ્રી લોહાણા મહાપરિષદ

Today’s Date

National Pension Scheme For Traders
and the self-Employed (NPS)

National Pension Scheme for Traders and Self Employed Persons Yojana is a government scheme meant for old age protection and social security of Small Scale Traders and Retailers.Vyaparis, who are self-employed and are 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 Vyaparis with similar occupations whose annual turnover does not exceed Rs 1.5 crore are eligible to get benefit under the scheme.

It is a voluntary and contributory pension scheme under which the beneficiary would receive a minimum assured pension of Rs 3000/- per month after attaining the age of 60 years and if the beneficiary dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension as family pension. Family pension is applicable only to spouse.

On the maturity of the scheme, an individual will be entitled to obtain a monthly pension of Rs. 3000/-. The pension amount helps pension holders to aid their financial requirements.

Exit and Withdrawal

 The exit provisions of scheme have been kept flexible.

  • If he/ she exits the scheme within a period of less than 10 years, the beneficiary’s share of contribution only will be returned to him with savings bank interest rate.
  • If subscriber exits after a period of 10 years or more but before 60 years of age, the beneficiary’s share of contribution along with accumulated interest as actually earned by 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 beneficiary’s contribution along with accumulated interest as actually earned by 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 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 beneficiary’s contribution with interest as actually earned by fund or at the savings bank interest rate whichever is higher.
  • After the death of subscriber as well as his/her spouse, the entire corpus will be credited back to the fund.

 

Eligibility Criteria

  1. Should be an Indian Citizen
  2. Shopkeepers or owners who have petty or small shops, restaurants, hotels, real estate brokers etc.
  3. Age of 18-40 years
  4. Not covered in EPFO/ESIC/PM-SYM
  5. Annual turnover not more then 1.5 Crore in rupees

Benefits

  1. Under the schemes, beneficiaries are entitled to receive minimum monthly assured pension of Rs.3000/- after attaining the age of 60 years.

How to Apply

  1. visit the nearest Common Service Centre and get enrolled in the scheme using her/his Aadhar number and savings bank account/Jan-Dhan account number on self-certification basis.
  2. Facilitation Centres: All the Labour offices of State and Central Governments, all the branch offices of LIC, the offices of ESIC/EPFO will act as Facilitation Centres to give full information to the retail traders/ shopkeepers and self-employed persons about the Scheme, its benefits and the procedure to be followed, at their facilitation desks/ help desks.

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