Interim Budget 2019: FM Goyal announces mega Pension scheme for unorganised sector

FM said, 10 crore labourers and workers in the sector will be benefitted by the scheme.

New Delhi: Presenting the Budget for 2019-20 in the Lok Sabha, Finance Minister Piyush Goyal on Friday announced mega pension scheme for 42 crore unorganised sector workers by assuring monthly pension of Rs 3,000 after reaching age of 60 years.

Goyal proposed to launch mega pension yojana 'Pradhan Mantri Shram-Yogi Maandhan' for unorganised sector workers with monthly income upto Rs 15,000 adding that 10 crore labourers and workers in the sector will be benefitted by the scheme.

“Half of India’s GDP comes from the sweat and toil of 42 crore workers in the unorganised sector working as street vendors, rickshaw pullers, construction workers, rag pickers, agricultural workers, beedi workers, handloom, leather and in numerous other similar occupations. The Government must provide them comprehensive social security coverage for their old age,” Goyal said.

Therefore, in addition to the health coverage provided under ‘Ayushman Bharat’ and life & disability coverage provided under ‘Pradhan Mantri Jeevan Jyoti Bima Yojana’ and ‘Pradhan Mantri Suraksha Bima Yojana’, our Government proposes to launch a mega pension yojana namely 'Pradhan Mantri Shram-Yogi Maandhan' for the unorganised sector workers with monthly income upto Rs 15,000.

This pension yojana shall provide them an assured monthly pension of Rs 3,000 from the age of 60 years on a monthly contribution of a small affordable amount during their working age.

An unorganised sector worker joining pension yojana at the age of 29 years will have to contribute only Rs. 100 per month till the age of 60 years. A worker joining the pension yojana at 18 years, will have to contribute as little as Rs. 55 per month only. The Government will deposit equal matching share in the pension account of the worker every month.