Budget 2019: PM pension scheme to cover retail traders, shopkeepers

Taking a leaf out of the pension announcements from the interim budget presented by Piyush Goyal, Finance Minister Nirmala Sitharaman has extended pension to around three crore retail traders and shopkeepers with an annual turnover less than 1.5 crores under Pradhan Mantri Karam Yogi Man Dhan Scheme. 

Sitharaman's proposal comes in the context of the central government announcement in the interim budget to launch a mega pension scheme for workers in the organised and unorganised sectors who have a monthly income below ₹15,000, after 60 years of age. The Pradhan Mantri Shramyogi Man Dhan Yojana will assure a monthly pension of Rs 3000 on retirement, with the contribution of Rs 100 per month, for workers in unorganised sector after 60 years of age. These workers will have to contribute only Re 1 per month from age 29 towards this scheme. The government will contribute the rest. The scheme will begin from this year.