National Pension Scheme for Traders and Self Employed Persons Yojana is a voluntary and contributory Government Pension Scheme for Vyaparis, retail traders, shopkeepers and self-employed persons, with annual turn-over not exceeding Rs.1.5 crore. Entry age is 18 to 40 years. The scheme is implemented by Ministry of Labour& Employment, Government of India. The scheme has been notified vide its S.O 2615E, dated 22.02.2019.

Any retail trader, shopkeepers and self-employed person with annual turn-over not exceeding Rs.1.5 crore, in the age group of 18-40 year can subscribe this Scheme. They should not be an income tax payer or a member of National Pension Scheme (NPS - GOVT FUNDED), Employees’ State Insurance Corporation scheme (ESIC) and Employees’ Provident Fund Organization (EPFO) and Pradhan Mantri Shram Yogi Maandhan.

It is a social security/old age protection scheme for Vyaparis. Subscriber will get a minimum assured monthly pension of Rs. 3000/- after attaining the age of 60 years. During the receipt of the pension, if subscriber dies, her/his spouse will receive a monthly family pension equivalent to 50 % of the subscriber pension.

Once beneficiary joins the scheme at the entry age between 18-40 years, she/he has tocontinuously contribute till she/he attains the age 60 years.

Under the Scheme, a minimum monthly assured pension of Rs. 3000/- will commence after the subscriber attains the age of 60 years.

Under the scheme, the subscriber may 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. Nearest Common Service Centres (CSCs) can be located at https://locator.csccloud.in/.

Subscriber may visit the nearest Common Service Centre for enrollment. One can locate the nearest CSCs at https://locator.csccloud.in/. Also, one may enroll themselves on the portal https://maandhan.in.

Self-Certification and age as in Aadhaar card will be the basis for enrollment. However, any change of date of birth will not be allowed later.

Exit provisions are as:

i. In case an eligible subscriber exits this Scheme within a period of less than ten years from the date of joining the Scheme by him, then his share of contribution only will be returned to him with savings bank rate of interest payable thereon.

ii. If an eligible subscriber exits after completion of a period of ten years or more from the date of joining the Scheme by him but before his age of sixty years, then his share of contribution only shall be returned to him along with accumulated interest thereon as actually earned by the Pension Fund or the interest at the savings bank interest rate thereon, whichever is higher.

iii. If an eligible subscriber has given regular contributions and died due to any cause, her/his spouse shall be entitled to continue with the Scheme subsequently by payment of regular contribution as applicable or exit by receiving the share of contribution paid by such subscriber along with accumulated interest, as actually earned thereon by the Pension Fund or at the savings bank interest rate thereon, whichever is higher.

iv. In case of exit on account of clauses (i), (ii) and (iii) above, the accumulated share of Government’s contribution shall be credited back to the Pension Fund.

v. Any other exit provision, including nomination, as may be decided by the Central Government by issuing instructions from time to time. vi. After death of subscriber and his or her spouse, the corpus shall be credited back to the fund.

Self-Certification and age as in Aadhaar card will be the basis for enrollment. However, any change of date of birth will not be allowed later.

Under the scheme, primary mode of contribution is on monthly basis through auto-debit from bank account. However, first month contribution is to be made in cash at CSC. Subscriber also has option to pay his/her contribution quarterly, half yearly or yearly.

The actual amount of the subscriber’s contribution depends upon subscriber’s entry age and remains fixed through till the age of 60 years.

Yes. Monthly subscription shall be automatically debited on a fixed date of every month from her/his linked savings account. Only, first subscription will be paid in cash for which receipt will be provided by concerned CSCs/VLEs.

Yes, there is a provision for family pension under the scheme. It is applicable only to the spouse of the subscriber. If the subscriber dies, after the pension has commenced, the spouse of the beneficiary shall be entitled to receive 50 % of the pension.

No, there is no loss to the subscriber at any point of time. Even if the subscriber exits the scheme at any time before 60 years of age, his entire contribution will be refunded with interest, as per the guidelines of the scheme.

If the payment of subscription has been stopped or delayed, the subscriber can revive the scheme after paying the outstanding subscription with a nominal interest as decided by the Government.

In such an event, the subscriber will be paid back only his/her portion of total contribution with savings’ bank rate interest. She/he will not be entitled to receive the Government’s share.

If an eligible subscriber exits after completion of a period of ten years or more from the date of joining the scheme but before the age of sixty years, then her/his share of contribution only shall be returned to her/him along with accumulated interest thereon as actually earned by the pension fund or the interest at the savings bank interest rate thereon, whichever is higher.

In such cases, if a subscriber has given regular/default contribution and died due to any cause, her/his spouse will be entitled to join and continue the scheme subsequently by payment of regular contribution for the remaining period. On completion of the contribution period, the spouse will receive a monthly pension of Rs. 3000/-. Alternatively, if the spouse so desires, the amount of the member’s contribution with interest will be returned back to the spouse as per the guidelines of the Scheme.

No. The subscriber can make only fixed amount of contribution, as determined at the time of joining of the Scheme.

No such relaxation is available under the provision of the Scheme.

If an eligible subscriber makes a default in the payment of any contribution to be payable by her/him under this scheme, then she/he shall be allowed to regularize the contribution by paying the entire outstanding dues, along with interest at the rate as determined by the Ministry of Labour& Employment from time to time. Detailed guidelines will follow.

During the receipt of pension, if the subscriber dies, the spouse shall be entitled to receive 50% of the pension received by the beneficiary as family pension.

No such loan facility is available in the Scheme.

Yes, there is no such bar.

No. Any beneficiary, who is a member of Pradhan Mantri Shram Yogi Maandhan, is not eligible to join this Scheme.

Even if a subscriber is a member of Atal Pension Yojana or state-governed pension schemes like NSAP, Fisherman Pension Scheme, Municipality-run Pension Scheme or any other pension scheme, it will not bar her/him from availing this Scheme.

At present, the minimum assured pension is Rs. 3000/- per month. Enhancement of the quantum of pension, if any shall depend on the future policies/ earnings of the fund.

No facility of partial withdrawal of contribution is available.

In such cases, no migration is required. Under the Scheme, subscriber can update the new Bank account number in her or his Pension account by visiting any CSC. Subscriber has to carry the savings bank account pass book, under her/his name.

It will be considered as default in payment and she/he will be allowed to regularize her/his contribution by paying entire outstanding dues, along with interest as decided by the Government (Ministry of Labour and Employment) from time to time. The banks may levy a penalty of Rs 10/- in such cases.

The subscriber should exit National Pension Scheme for Traders and Self Employed Persons on becoming a member of Government funded NPS.

Yes, provided the co-operative bank is on the CBS platform, the savings’ bank account can be linked for auto debit.