Pension scheme for unorganised sector workers proposed – Rs 3,000 per month from 60 years age

Pradhan Mantri Shram-Yogi Maandhan Pension scheme
Pradhan Mantri Shram-Yogi Maandhan Pension scheme

Pradhan Mantri Shram-Yogi Maandhan Pension scheme: The government has proposed in the Union Budget 2019-20 to launch a pension scheme, ‘Pradhan Mantri Shram-Yogi Maandhan’, for unorganised sector workers. Under the proposed scheme, the workers will get a monthly income of up to Rs 15,000. Nearly 10 crore labourers and workers will be benefitted from the proposed scheme. ‘Pradhan Mantri Shram-Yogi Maandhan’ will cover the unorganised sector workers who have a monthly income of up to Rs 15,000 monthly.

Union Minister for Finance Piyush Goyal said that half of India’s GDP comes from the sweat and toil of 42 crore workers in the unorganised sector working as street vendors, agricultural workers, rickshaw pullers, beedi workers, handloom, leather construction workers, rag pickers, and other similar occupations.

The government must provide them comprehensive social security coverage for their old age, the minister said while presenting the Budget. He said this scheme’s benefits will be in addition to the health coverage provided under ‘Ayushman Bharat’ and life and disability coverage provided under ‘Pradhan Mantri Jeevan Jyoti Bima Yojana.

“This pension yojana will provide the unorganised sector workers with an assured monthly pension of Rs 3,000 from the age of 60 years. To avail the benefit of the scheme, these workers, however, have to pay “a monthly contribution of a small affordable amount during their working age,” Goyal said.

  • On joining the pension scheme at the age of 29 years: Rs 100 per month (till 60 years of age).
  • On joining the pension scheme at the age of 18 years: Rs 55 per month

The government will deposit also the equal amount to the pension account of the workers every month. Goyal said that the government wants’Pradhan Mantri Shram-Yogi Maandhan’ to make one of the largest pension schemes of the world within next five years. A sum of Rs 500 crore has been allocated for the Scheme. Additional funds will be provided as needed. The scheme will also be implemented from the current year, Goyal announced.

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