National pension insurance alarmed! Aadhaar card is now compulsory for drawing benefits under the NPS | Personal financial news

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New Delhi: The central government has made the Aadhaar card compulsory proof of National Pension Scheme (NPS) benefits for business and self-employed who are entitled to benefits from the state-sponsored social security system.

The central government had introduced the National Pension Scheme for traders and self-employed people with annual sales of no more than 1.5 billion rupees in September 2019 to give them an investment option to save for their retirement.

What is the National Pension System (NPS)?

The Department of Labor and Employment administers the National Pension Scheme, which grants traders and self-employed people over the age of 60.

The National Pension System is a voluntary and contributory pension system. People between the ages of 18 and 40 can invest in the system, in which the central government pays 50 percent of the monthly contribution. The remaining 50 percent is borne by the beneficiary.

How do I enroll in the National Pension Scheme (NPS)?

Traders, shopkeepers and the self-employed can enroll themselves in the National Pension Scheme (NPS) by visiting the official online portal www.maandhan.in/vyapari.

Eligible individuals can also visit their nearest Common Service Centers (CSCs) to enroll them under the government sponsored program. However, a GSTIN is required for individuals who have annual sales greater than Rs 40 lakhs. Also read: From applying for a learner’s license, DL to RC: Use these 33 RTO services right on your doorstep

At the time of launch, the central government had aimed to reach 2 million subscribers by 2023-2024. According to government estimates, there are approximately 3 crore beneficiaries who can be placed under the National Pension Scheme (NPS). Also read: Gold Price Today, August 12, 2021: Gold Still Over Rs 9,800 Cheaper From Record Highs

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