Tuesday, December 1, 2020
Home Government and Policy Budget-2019: NDA government announces Mega Pension scheme for workers in the unorganised sector

Budget-2019: NDA government announces Mega Pension scheme for workers in the unorganised sector

The acting Finance Minister Goyal said that the mega pension scheme for unorganised sector workers is set to benefit 10 crore workers, adding that the government has allocated Rs 500 crore for the new scheme.

Interim Finance Minister Piyush Goyal in his budget speech has announced a new pension scheme for the labour workforce employed in the unorganized sector, reported ANI.

The NDA government has now launched a new pension scheme called ‘Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of Rs.3000 per month for workers in unorganized sector after 60 years of age, with the maximum contribution of just Rs.100 per month. Any worker in the unorganised sector earning less than Rs 15,000 a month will be covered under the first phase of the scheme, said Piyush Goyal.

The acting Finance Minister Goyal said that the mega pension scheme for unorganised sector workers is set to benefit 10 crore workers, adding that the government has allocated Rs 500 crore for the new scheme. Any worker working in the unorganised sector can avail the benefits of this scheme. Workers between 18-28 years of age have to pay Rs 55 per month, while workers above 29 years will be paying Rs 100 per month to avail the benefits. The union government will also contribute an equal share every month, said the Finance Minister.

Goyal stated that half of India’s GDP comes from the sweat and toil of 42 million workers in the unorganised sector and the government has decided to provide them with a comprehensive social security coverage.

The move is likely to benefit household helps, drivers, plumbers, electricians, barbers and other workers earning less than the threshold salary under the scheme. The Finance Minister also said that the new pension scheme will be the world’s biggest pension scheme for the unorganised sector in just five years.

More than 90% of India’s workforces are employed in unorganised sectors who are often deprived of not only just minimum wages but also any kind of social security like pensions or health insurance.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

After brutally suppressing protests by indigenous tribes in Canada, PM Justin Trudeau pontificates over farmers’ protests in India

Even though Canadian PM Justin Trudeau expressed his "concern" over the farmers' protest in India, Canada had last year moved WTO against India for high MSP rates

Farmer protest: From celebrity protestors hijacking the ‘protest’ to AAP and Congress fighting for credit, the circus is here

The farmers protests in Delhi have turned into a Shaheen Bagh redux with the same usual suspects coming together.

PFI is using ’72 hoors in Jannat’ concept to lure Muslim men into Jihadi activities, running terrorist schools: Sufi Islamic Board

PFI and SDPI are under scanner after the anti-Hindu Delhi Riots and Bengaluru riots earlier this year.

Maharashtra: Farmers in four districts record Rs 10 crore out-of-mandi trade with the help of new farm laws

FPCs in four districts in Maharashtra have made about Rs 10 crores from trade outside mandis after the laws were passed

Instead of answering allegations, Shehla Rashid decides to run away from a live show, calls her father ‘greedy’

Shehla Rashid, JNU student leader, has been accused by her biological father Abdul Rashid Shora, of taking Rs 3 crore from terror funding accused Zahoor Vatali and Rashid Engineer.

“We are all very worried” Canada PM Justin Trudeau, his ministers express ‘concern’ over protesting Punjab farmers in Delhi

During the virtual Gurpurab 2020 celebration, PM Trudeau, at the beginning of his address, talked about the protests in India.

Recently Popular

Shiv Sena to organise Azaan recitation competition, party leader calls it as important as ‘Maha Aarti’

Shiv Sena is to bear the cost of the event and will also reward the contest winners.

SFJ ads appear on YouTube offering $10m support for farmers, in return, wants Sikhs to join ‘Khalistan movement’: Details

Amid ongoing farmers’ protests in Punjab, Haryana, and Delhi, it is evident that Khalistani supporters have hijacked the protests and now, they are running ads on YouTube

Indian Idol contestant reveals how she faced opposition from conservative Muslim society as singing is ‘not allowed’

The Indian Idol contestant revealed how women in her society are looked down upon if they try to excel in any field.

Wife of late Wajid Khan writes on her sufferings in an inter-faith marriage, says anti-conversion law should be nationalised

Wife of late music composer Wajid Khan wrote how her husband and his family had been forcing her to convert to Islam after their marriage

Indian man proposes to his Australian girlfriend during Ind vs Aus cricket match, here is what happened next

While India's performance has been below par, netizens found happiness in the unusual proposal that became the highlight of the match.

His family called our children ‘illegitimate’ because I didn’t convert to Islam’: Late music composer Wajid Khan’s wife reveals

Wajid Khan's wife has stated to Times of India that the late music composer's family never accepted her wedding under the Special Marriages Act because she had refused to convert to Islam.

‘Sanitary Panels clearly implies that SC is biased towards BJP’: Attorney General slams comic artist for assault on courts, allows contempt proceedings

Webcomic Sanitary Panels founder Rachita Taneja is known for her controversial, hateful and often Hinduphobic Tweets

Meerut: Communal tension after members of Muslim community create ruckus over Facebook post ‘insulting’ Prophet Muhammad

Police force from several police stations was reportedly called in to control the situation in Meerut.

Uttar Pradesh: Case under new Love Jihad law filed against two men for trying to convert a married Hindu woman to Islam

Case filed against Nadeem and Salman for trying to convert their Hindu co-worker Akshay's wife to Islam by regularly visiting her

After brutally suppressing protests by indigenous tribes in Canada, PM Justin Trudeau pontificates over farmers’ protests in India

Even though Canadian PM Justin Trudeau expressed his "concern" over the farmers' protest in India, Canada had last year moved WTO against India for high MSP rates

After creating trouble during Delhi Riots and Hathras, Bhim Army chief reaches the farmer protests site, now hijacked by Khalistanis

The so-called farmer protests have already been marred by the presence of Khalistani elements.

After Biriyani and AAP support, Shaheen Bagh’s dadi Bilkis Bano reaches Punjab farmer protest site too

From 'guest-appearence' protestors to Biriyani, most Shaheen Bagh themes are being repeated at Punjab farmer protests.

Farmer protest: From celebrity protestors hijacking the ‘protest’ to AAP and Congress fighting for credit, the circus is here

The farmers protests in Delhi have turned into a Shaheen Bagh redux with the same usual suspects coming together.

Days after mysterious monolith in Utah disappeared following its discovery, similar metal monolith appears in Romania

The 13 feet high metal monolith has a mirrored surface and was found near the historic landmark of Petrodava Dacian Fortress

PFI is using ’72 hoors in Jannat’ concept to lure Muslim men into Jihadi activities, running terrorist schools: Sufi Islamic Board

PFI and SDPI are under scanner after the anti-Hindu Delhi Riots and Bengaluru riots earlier this year.

“Ill-informed and unwarranted”: India hits back at Canadian PM Justin Trudeau over his comments on farmer protests

Canadian PM and Sikh members of parliament in Canada have made statements supporting the ongoing farmers' protests in India

Connect with us

245,563FansLike
491,621FollowersFollow
20,200SubscribersSubscribe