Pension Highlights: Budget 2019 with eStartIndia

Budget 2019: Pension Highlights

Pension Highlights:

The proposed pension benefit to 3 crore retail traders as well as shopkeepers whose annual turnover is up to Rs 1.5 crore.

The Finance Minister Nirmala Sitharaman had made her maiden budget of the Modi 2.0 Government in the Lok Sabha on July 5, 2019, in the Parliament. Indian economy would grow to become 3 trillion dollar economy this year," as stated by the Union Minister in her budget speech.

Finance Minister Nirmala Sitharaman on 5^th July 2019, during the presentation of the Budget 2019 had announced the Pradhan Mantri Karam Yogi Maan Dhan Scheme. Under the scheme, pension benefits would be extended to 3 crore retail traders as well as shopkeepers whose annual turnover is below Rs. 1.5 crore.

The Finance Minister announced that enrolment in the scheme is going to be simple, requiring only Aadhaar number and bank account, while the rest would be self-declaration.

Under the scheme, the main demand of the trading community, shopkeepers and retail traders would receive a guaranteed monthly pension amount of Rs 3,000 after they reach the age of 60 years. The scheme intends to benefit over 3 crore traders and shopkeepers with a turnover of less than Rs 1.5 crore.

To simplify the documentation procedure to avail the pension scheme, traders are only required to show their 12-digit Aadhaar card number and the bank account details are mandatory. Previously, the newly formulated Modi 2.0 cabinet had approved this mega pension scheme.

The new scheme under the Pradhan Mantri Karam Yogi Maan Dhan Yojana is a voluntary as well as a contributory pension scheme. The scheme would work on a 50:50 contribution basis where a prearranged age-specific payment would be made by the recipient and a matching contribution by the central government.

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Budget 2019: Pension Highlights

Budget 2019: Pension Highlights

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