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Monday, Sep 16, 2019

Budget 2019: FM announces mega pension scheme for unorganised sector

union-budget Updated: Feb 01, 2019 14:42 IST
HT Correspondent
HT Correspondent
HindustanTiems, New Delhi
Union Finance Minister Piyush Goyal arrives at North Block to present the Union Budget at the Parliament, in New Delhi, Friday.
Union Finance Minister Piyush Goyal arrives at North Block to present the Union Budget at the Parliament, in New Delhi, Friday.(PTI)
         

Finance Minister Piyush Goyal on Friday announced a mega pension scheme in the interim budget to provide assured pension of Rs 3,000 per month to nearly 10 crore people working in the informal sector who earn up to Rs 15,000 per month.

He also announced increasing gratuity limit from Rs 10 lakh to Rs 30 lakh .

The informal workers joining the pension scheme at 18 years will pay Rs 55 per month and those at 29 years will pay Rs100. The pension will be paid once they reach the age of 60. Goyal said the pension scheme could become the world’s biggest such format for the unorganised sector in the next five years.

For detailed budget coverage, click here: https://www.livemint.com/

“Half of India’s GDP comes from the sweat and toil of 42 crore workers in the unorganised sector. We must provide them a social security coverage,” said Goyal.

He said the mega pension scheme will benefit all workers under the unorganised sector including household helps, rickshaw pullers, agricultural labourers and beedi workers

Goyal said this scheme will be in addition to the life insurance scheme under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and accident insurance scheme under the Pradhan Mantri Suraksha Bima Yojana (PMSBY).

With the government under fire over farm crisis, Goyal also raised allocation for the rural employment guarantee programme by Rs 5,000 crore to Rs 60,000 crore. The scheme which provides 100 days of unskilled employmentis is a safety net for small farmers and agricultural labourers in times of rural distress.

First Published: Feb 01, 2019 11:50 IST