nExpressing happiness over the decision of the Union Cabinet to approve the scheme to provide monthly pension of Rs 3,000 to small traders, businessmen, and shopkeepers, the Confederation of All India Traders (CAIT) on Sunday greeted Prime Minister Narendra Modi for ‘fulfilling’ his promise to provide pension to traders.
CAIT Secretary General Praveen Khandelwal while complimenting the Government said that it is the first step towards a robust architecture of universal social security. “It is for the first time in the history when any Government has taken any landmark decision in favour of the business community,” he said.
Terming it a milestone decision, Khandelwal said that it will ensure traders of the country life of dignity and financial security, especially during their old age. “The scheme prescribed 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 age between 18-40 years, can enrol for this scheme which means the first pension will be delivered to traders after 20 years from today. However, currently, there are about 1.5 crore traders in the Country who are near the age of 60 years and they should not be derived from this scheme,” he said.
As part of the Government’s efforts to offer universal social security and also to fulfill one of the polls promise, the newly-inducted Union Cabinet on last Friday approved a new scheme in its first meeting which
assures minimum monthly pension of Rs 3000 per month to small shopkeepers, retail traders and the self-employed people after attaining the age of 60 years.
Khandelwal further suggested that to give immediate effect to the scheme from next financial year the traders from the age of 41 years to 60 years should also be considered for a pension which may be linked with the GST returns filed by them. He also said that a large number of traders are not required to be registered under GST and as such, they will also be deprived of the scheme. He has suggested that they should also be included in the scheme which may be linked with their annual turnover. In this way, the scheme will cover traders comprehensively.
He said that the CAIT will soon submit a representation to the Prime Minister urging him to consider the above suggestion so that maximum benefit of the scheme should be given to all traders, self-employed persons and others. “It was a long-standing demand of CAIT since last more than three years. About three crore traders of the Country will be benefitted with this decision of the Government,” he added.