Previous Year Question
Which of the following statements is NOT correct for National Pension Scheme for Retail Traders/Shopkeepers and Self-employed persons?
Those who are in age groups of 18 to 40 years are eligible.
Their annual turnover should not exceed 1.5 crore rupees.
National Pension Scheme's member are also eligible.
It has a monthly minimum assured pension of Rs. 3000.00.
Correct Answer: C
Detailed Solution
Option (a) is correct. The prescribed entry age under the National Pension Scheme for Traders, Shopkeepers and Self-Employed Persons was 18 to 40 years. The scheme was primarily designed to provide old-age social security to small traders, retail traders, shopkeepers and self-employed persons.
Option (b) is correct. The annual turnover of an eligible person should not exceed ₹1.5 crore. The applicant should also not be an income-tax payer.
Option (c) is incorrect. A person already covered under NPS was not eligible for this scheme. The eligibility conditions specifically excluded members of EPFO, ESIC, NPS and PM-SYM.
Option (d) is correct. After attaining the age of 60 years, a subscriber is entitled to a minimum assured pension of ₹3,000 per month. It is a voluntary and contributory pension scheme in which the Central Government provides a matching contribution to that made by the beneficiary—broadly 50% beneficiary + 50% Central Government. In the event of the subscriber's death, the spouse is entitled to 50% of the pension as family pension.
Current Status (2026): Ministry of Labour & Employment programme material from 2025 still includes awareness and enrolment for NPS-Traders among activities for unorganised and rural-sector workers. Thus, the scheme framework continues to remain relevant.