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Home / News / India News / #Budget2019: Mega pension plan for workers of unorganized sector announced
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#Budget2019: Mega pension plan for workers of unorganized sector announced

#Budget2019: Mega pension plan for workers of unorganized sector announced
Written by Shalini Ojha
Feb 01, 2019, 12:37 pm 1 min read
#Budget2019: Mega pension plan for workers of unorganized sector announced

In a move aimed to benefit workers of unorganized sector, acting Finance Minister Piyush Goyal on Thursday announced Centre's mega pension scheme called Pradhan Mantri Shram Yogi Mandhan. Under this scheme, workers in the unorganized sector who have reached 60 years will get Rs. 3,000 pension per month with the contribution of Rs. 100 or less per month. Here are the details.

Scheme
Understanding how this scheme will benefit unorganized sector

Goyal explained informal workers who join the pension scheme at 18 years will have to contribute Rs. 55/month and those joining at the age of 29 will have to give Rs. 100. Once they reach 60 years of age, they will receive a minimum of Rs. 3,000/month. This move is likely to benefit household helps, drivers, plumbers, electricians, barbers, and other workers.

Do you know?
Workers in unorganized sector don't have social security

Goyal said in the 500 million workforce over 90% belong to the unorganized sector. They are deprived of social security and other benefits. "50 per cent of the GDP comes from sweat and toil of 42 crore workers in unorganised sector," Goyal added.

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Shalini Ojha
Shalini Ojha
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A mathematics graduate, I handle the national desk. Always looking for items to read, I started off as an entertainment beat writer and made the switch three years into my career. My talents include breaking news and being on top of trending topics.
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