In its first meeting, the Union Cabinet chaired by Prime Minister Narendra Modi on Friday decided to give monthly pension of Rs 3,000 to small traders, businessmen, and shopkeepers after they attain the age of 60 years.
"The Union Cabinet has approved, in its effort to provide to universal social security, a new scheme which assures all shopkeepers, retail traders and self-employed persons a monthly pension of Rs 3,000 after attaining the age of 60 years," Information and Broadcasting Minister Prakash Javadekar told media persons after the Cabinet meeting.
All small shopkeepers and self-employed persons as well as the retail traders with Goods and Services Tax (GST) turnover below Rs 1.5 crore and aged between 18 and 40 years can enroll themselves for the scheme.
"The decision is likely to benefit 5 crore small traders in the coming three years. The enrolment can be made through the Common Service Centre. For those who are 18 years of age, Rs 2 per day is the investment," he said.
"Those who get enrolled at the age of 29 years will have to make a monthly investment of Rs 100 and Rs 200 per month for those who are enrolled at the 40 years," added Javadekar, saying: "It is a landmark decision for small traders, businessmen, and small shopkeepers."
( With inputs from ANI )