• The newly-inducted Union Cabinet approved a new scheme which assures minimum monthly pension of ₹3,000 per month to small shopkeepers, retail traders and the self-employed people after attaining the age of 60 years.
• This is being done as part of the Modi government’s efforts to offer universal social security.
• The scheme will benefit three crore retail traders and shopkeepers.

Five crore traders are expected to join the scheme in the next three years.