Budget 2019 | Pension scheme for retail traders and shopkeepers

Finance Minister Nirmala Sitaraman on Friday announced the Pradhan Mantri Karam Yogi Maan Dhan Scheme. Under the scheme, pension benefits will be extended to 3 crore retail traders and shopkeepers whose annual turnover is less than Rs. 1.5 crore.

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

A similar pension scheme scheme titled ‘Pradhan Mantri Shram Yogi Maan-dhan Yojana’ was announced in the Interim Budget presented earlier this year.

This scheme covered workers in the unorganised sector whose monthly income is ₹15,000 or less and belong to the entry age group of 18-40 years.