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Budget 2019: FM announces mega pension scheme for unorganised sector
Finance Minister Piyush Goyal on Friday announced a mega pension scheme in the interim budget to provide assured pension of ₹3,000 per month to nearly 10 crore people working in the informal sector who earn up to ₹15,000 per month. He also announced increasing gratuity limit from ₹10 lakh to ₹30 lakh .
Finance Minister Piyush Goyal on Friday announced a mega pension scheme in the interim budget to provide assured pension of ₹3,000 per month to nearly 10 crore people working in the informal sector who earn up to ₹15,000 per month.
He also announced increasing gratuity limit from ₹10 lakh to ₹30 lakh .
The informal workers joining the pension scheme at 18 years will pay ₹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.
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“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 ₹5,000 crore to ₹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.
