Budget 2019: Modi govt announces mega pension scheme for workers in unorganised sector

In a bid to lure a large number of voters from the poor section of the society, Interim Finance Minister Piyush Goyal announced a mega pension scheme for the workers in the unorganized sector.

Piyush-Goyal-PTI

New Delhi: In a bid to lure a large number of voters from the poor section of the society,Union Minister Piyush Goyal presenting the Interim Budget in the Lok Sabha on Friday announced a mega pension scheme for the workers in the unorganized sector. Addressing the members of parliament in the Lower House, Piyush Goyal announced that the Pradhan Mantri Shram Yogi Mandhan will provide assured monthly pension of Rs 3000, with contribution of 100 rupees per month, for workers in unorganized sector after 60 years of age. The move is likely to reap rich dividends to household helps, drivers, plumbers, electricians, barbers and other workers earning less than the threshold salary under the scheme. It is notable that out of the 500 mn workforce, a staggering 90 percent workers are deprived of not just minimum wages but also any kind of social security, be it pensions or health insurance. Those earning above Rs 15,000 are covered under the Employees’ Provident Fund Organisation or the Employees’ State Insurance Corporation and hence will be out of the ambit of the scheme in the first phase.