Tuesday, October 18, 2022

National Pension Scheme for Entrepreneurs and Self-Employed Persons

  National Pension Scheme for Entrepreneurs and Self-Employed Persons
National Pension Scheme for Entrepreneurs and Self-Employed Persons
 National Pension Scheme for Entrepreneurs and Self-Employed Persons

National Pension Scheme for Entrepreneurs and Self-Employed Persons may be a government scheme for aging and Social Security of small traders and retailers.

Traders who are self-employed and like shop owners, retailers, rice mill owners, oil mill owners, workshop owners, commission agents, assets brokers, small hotels, restaurant owners and similar businesses with an annual turnover of 1.5 crores. less than money, they're eligible for benefits under this scheme.

It is a voluntary and contributory pension scheme under which the subscriber gets a minimum of Rs. Pension as family pension. Family pension is applicable only to the wife.

On maturity of the scheme, an individual are entitled to receive a monthly pension of Rs. 3000/-. the quantity of pension helps the pensioners to fulfill their financial needs.
The scheme could be a tribute to the workers within the unorganized sector who contribute about 50 percent of the country's Gross Domestic Product (GDP).

Applicants between the age of 18 to 40 years will need to make a monthly contribution of Rs 55 to Rs 200 per month till the age of 60 years.

Once the applicant reaches the age of 60 years, he can claim the quantity of pension. each month a particular amount of pension is deposited within the retirement program of the person concerned.

Eligibility criteria

For self-employed shop owners, retail owners and other traders
Entry age is between 18 to 40 years
Annual turnover shouldn't exceed Rs 1.5 crore
Should not happen

covered under any National Pension Scheme subsidized by the Central Government or members of EPFO/NPS/ESIC

An tax payer
Registered under Pradhan Mantri Shram Yogi Maandhan Yojana or Pradhan Mantri Kisan Maandhan Yojana pass by the Ministry of Labor and Employment or Ministry of Agriculture and Farmers Welfare.

He must have: 
Aadhar Card
Savings checking account Number with IFSC

Guaranteed Pension Rs. 3000/- per month
Voluntary and Contribution Pension Scheme
Contribution by Government of India

Family benefits just in case of death of eligible subscriber

While receiving pension, if an eligible subscriber dies, his/her spouse shall be entitled to receive only fifty per cent of the pension received by such eligible subscriber as family pension and such family pension shall be applicable only to the spouse.

Disability benefits
If an eligible subscriber makes regular contributions and becomes permanently disabled for any reason before the age of 60 years, and is unable to contribute under this scheme, his/her wife may make regular contributions and apply or similar are going to be entitled to continue the scheme by contributing. From the scheme by participating of the contribution deposited by the subscriber, the interest earned by the pension fund or the charge per unit of the savings bank, whichever is higher.

Benefits of leaving pension account
If an eligible subscriber withdraws from the scheme within but ten years from the date of joining the scheme, he are refunded only part of his contribution together with the savings discount rate of interest payable by him.

If an eligible subscriber quits after completing ten years or more from the date of joining the scheme, but before the age of sixty years, a part of his contribution are going to be refunded together with the interest earned thereon. Savings Bank charge per unit earned on or above the pension fund, whichever is higher.

If an eligible subscriber subscribes regularly and dies thanks to any reason, his/her spouse shall be entitled to continue the scheme at a later date by paying regular contribution as applicable or the contribution made by such subscriber together with accrued interest would actually be entitled to depart. pension funds. Or the upper the savings bank rate of interest, the higher

After the death of the subscriber and his wife, the return are going to be credited to the fund.

step 1:
Interested eligible person should visit nearest CSC center.

step 2:
The prerequisites for the enrollment process are as follows:

Aadhar Card
Savings / Jan Dhan checking account Details with IFSC Code (Bank Passbook or Cheque Leave / Book or copy of financial statement as proof of Bank Account)

step 3:
The initial contribution amount in cash are given to the Village Level Entrepreneur (VLE).

step 4:
Aadhaar number, customer name and date of birth are printed on the Aadhaar card for VLE authentication.

Step 5:
VLE will complete the online registration by filling in the bank account details, mobile number, email address, GSTIN, annual business income, spouse (if any) and nominee details.

Step 6:
Self-certification for eligibility conditions.

Step 7:
The system will automatically calculate the monthly contribution payable according to the age of the customer.

Step 8:
The customer must first pay the amount of the subscription to VLE in cash.

Step 9:
The auto debit mandate form with registration will be printed and further signed by the customer. VLE will scan it and upload it to the system.

Step 10:
A unique Merchant Pension Account Number (VPAN) will be created and the Merchant Card will be printed.


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