Published On : Fri, Feb 1st, 2019

Govt Announces Rs 3,000 Monthly Pension Scheme For Workers in Unorganised Sector

New Delhi: Acknowledging the contribution of the unorganised sector in our economy, Finance Minister Piyush Goyal on Friday announced the Pradhan Mantri Shram Yogi Mandhan, a scheme to provide assured monthly pension of Rs 3,000 per month for workers in the unorganised sector. (Read Highlights of Interim Budget 2019 Here)

While presenting the Interim Budget for 2019-20 in the Lok Sabha, the Minister said the scheme will benefit ten crore workers and might become the world’s biggest pension scheme for the unorganised sector in the next five years.

Workers will have to contribute Rs 100 per month under the scheme to be able to receive a monthly pension of Rs 3,000 after 60 years of age.

Meanwhile, Rs 60,000 crore has been allocated for a key scheme for the rural poor, NREGS. For the fiscal year 2018-19, NREGS was allocated Rs 55,000 crore.

The scheme under MGNREGA or the Mahatma Gandhi National Rural Employment Guarantee Act promises unskilled manual work to every adult for at least 100 days in rural parts of the country. It was introduced in 2005.