The Kerala government has launched a pension scheme for the trading fraternity including those who have small-scale industry registration.
The scheme, introduced for the first time in the country, will come into effect soon, according to state finance minister Thomas Issac. The government had planned to launch the scheme last month but could not do so due to Assembly bypolls.
According to the Kerala Vyapari Vyavasayi Ekopana Samithi, the scheme would benefit 500,000-plus traders of the state. Under the scheme, traders are classified into four classes based on their business turnover.
The largest traders would be included in class A. Those who have not registered under the sales tax (VAT) Act will also be eligible for pension and would be included in the D class. Traders with an annual turnover of Rs 25 lakh and below Rs 50 lakh will form the B class while those with Rs 50 lakh and above will come under A. The rest with VAT registration would be under class C.
Traders, who are members in the Merchants Welfare Fund Scheme for ten years and above 60 years of age are eligible.
Those under class A will get a monthly pension of Rs 1,250 while traders under class B will get Rs 1,000. A class C member is eligible for a monthly pension of Rs 850 and under D it is Rs 750. The pension will be disbursed every four months and the scheme will have retrospective effect from April, 2009.
The immediate relatives of a trader, who dies after six months of joining the scheme, will get a benefit of Rs 30,000 (D class), Rs 40,000 (C), Rs 60,000 (B) and Rs 100,000 (A).
A monthly relief of Rs 500 would be given to the disabled.
The government is also considering a proposal to disburse the expense for medical treatment of traders and this is under the active consideration of the Merchants Welfare Board, the agency implementing the pension scheme. Compensation will also be provided to various damages to shops due to fire, flood among others.
