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Pension scheme launched for unorganised sector

Author: Team Finapolis/Friday, February 1, 2019/Categories: Agriculture and allied sectors

Pension scheme launched for unorganised sector

New Delhi - Riding on the success of Ayushman Bharat health scheme and insurance schemes Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana, finance minister Piyush Goyal announced the Pradhan Mantri Shram-Yogi Maandhan (PMSYM) scheme for the unorganised sector workers in the Interim Budget 2019-20.

“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, rag pickers, agricultural workers, beedi workers, handloom, leather 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,” said Goyal while announcing the Interim Budget 2019.

The Pradhan Mantri Shram-Yogi Maandhan scheme would provide an assured monthly pension of Rs 3,000 after superannuation of an unorganised worker.

This would entail a monthly contribution of Rs 100 per month starting at the age of 29 years till the age of 60. For those joining the pension programme at 18 year of age, the monthly contribution would be Rs 55 per month only.

The government would be depositing the same amount in the account of the beneficiary.

The Pradhan Mantri Shram-Yogi Maandhan is expected to cover 10 crore labourers and workers in the unorganised sector in the next five year. The scheme, which will be implemented from the current year, will entail a cost of Rs 500 crore at present. The government will provide additional funds as need.

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rajyashree guha

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