What the pension plan for labourers means

February 01, 2019 15:13

The government Friday announced a new scheme to provide unorganised workers with up to Rs 15,000 monthly income an assured pension of Rs 3,000 per month after 60 years of age. The plan is expected to provide social security to 10 crore labourers. This will attract matching contribution of Rs 100 per month from government as well as from workers.

Presenting the Interim Budget 2019-20 in the Lok Sabha, Fiance Minister Piyush Goyal said, "Half of India's GDP comes from the sweat and toil of 42 crore workers in the unorganised sector working as street vendors, rickshaw pullers, construction workers... and in numerous other similar occupations. Domestic workers are also engaged in big numbers. We must provide them comprehensive social security coverage for their old age".

The government proposes to launch a mega pension yojana namely 'Pradhan Mantri Shram-Yogi Maandhan' (PMSYM) for the unorganised sector workers with monthly income up to Rs 15,000, he said.

He further explained that this pension scheme will provide them (informal sector workers) an assured monthly pension of Rs 3,000 from the age of 60 years on a monthly contribution of a small affordable amount during their working age.

According to the scheme, an unorganised sector worker joining the pension scheme at the age of 29 years will have to contribute only Rs 100 per month till the age of 60 years. -- PTI

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