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.