The National Pension Scheme for Traders and Self-Employed Persons has failed to attract significant interest as as only about 25,000 persons have enrolled in the scheme.
The government’s target is to enrol 5m subscribers by the end of March, reported Press Trust of India.
The Scheme is a voluntary and contribution based central scheme. Under it, the government makes matching contributions to subscribers’ accounts.
The plan provides for a minimum monthly assured pension of INR3,000 ($42) to those aged at least 60 and who joined the Scheme when they are in the entry age group of 18-40 years.
Commenting on the lukewarm response to the Scheme, Confederation of All India Traders (CAIT) secretary general Praveen Khandelwal said among other things, the entry age should be raised to encourage more traders to join the scheme.